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Our analysis of the situation
Dogecoin, the beloved meme coin, has been on quite the rollercoaster ride since hitting a new yearly peak in May 2024. The subsequent fluctuation in price seemed to carve out a prime opportunity for investors to jump back in at lower prices. However, with the market showing signs of decline and hopes for a recovery looming, it appears that Dogecoin enthusiasts have finished their buying spree. This could spell the end of the prolonged accumulation phase, potentially paving the way for an upturn in the coin's price.
The Breakthrough Analysis
Renowned crypto analyst VIAQUANT, known for their exacting insights on the TradingView platform, has made a compelling assertion: the era of Dogecoin accumulation has reached its climax. Pointing to the pivotal Moving Average indicator, they suggest that the evidence speaks for itself.
VIAQUANT underscores the defense of multiple moving averages at critical junctures in the Dogecoin price. This not only reflects resilience but also signifies the conclusion of the accumulation period. The noteworthy moving averages in this analysis encompass the 21 Moving Average, the 100 Moving Average, and the 200-Day Moving Average.
Given the data, the analyst affirms that the sustained integrity of these moving averages signals the cessation of the Dogecoin accumulation phase. Furthermore, they venture to propose that this could herald an impending surge in the meme coin's value.
What Lies Ahead for DOGE?
Currently, Dogecoin is grappling with the downside pressure of the bearish cryptocurrency market. Nevertheless, if VIAQUANT's prognosis holds true, this phase might be transient. After steep declines in recent months, a potential rebound from this point could be substantial.
The crypto analyst draws parallels from a prior accumulation trend in early 2024, which preceded a more than 100% surge in the DOGE price. Extrapolating this precedent to the current scenario, the analyst envisions another 100% upswing, positioning the price to breach the $0.2 mark.
Remarkably, the forecast doesn't anticipate a protracted timeline for this move. The chart suggests that the surge above $0.2 could materialize by November, projecting a swift three-month turnaround for the analysis to unfold.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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