- Dogecoin has carried out a major correction, resembling models of bull cycle.
- Whales accumulated 750 million Doge in the recent decline, indicating confidence.
- Bitcoin’s volatility has resulted in a weekly drop of 7% for Doge, but historical trends suggest a rebound.
- The current Doge structure is like its 2017 rally, which has led to new heights of all time.
DOGECOIN (DOGE) has just completed its second significant correction in the current bull cycle, closely resembling its previous market structure. The recent decline aligns with Doge’s historical trends, in particular its 2017 price movement, suggesting that the memes piece could prepare for its next major step up. If Bitcoin (BTC) stabilizes, Dogecoin could be on the verge of high recovery.
The Dogecoin price faces the pressure in the midst of the volatility of Bitcoin
During last week, DOGE decreased by almost 7%, with its fall largely fueled by the recent turbulence of the Bitcoin market. The BTC correction sparked generally fear among investors, leading to a strong sale on the Altcoin market. Consequently, DOGE has lost momentum, but historical data suggest that such withdrawals often precede a significant rally.
At the time of writing the editorial staff, DOGE is negotiated at $ 0.2578, with a $ 24 -hour negotiation volume of $ 3.42 billion and a market capitalization of $ 38.09 billion, holding 1, 17% dominance in the cryptography market. In the past 24 hours, DOGE dropped by 3.74%, reflecting the broader uncertainty of the market.
Whales accumulate 750 million Doge
Despite the drop in prices, chain data Indicates a strong bullish feeling among the main investors. Information on the cryptography market reveals that whales have accumulated 750 million DOGE during the recent decline, signaling confidence in the long -term growth of the assets. Historically, such an activity of whales preceded significant price movements, which suggests that institutional investors and with high net value are positioned for a potential rally.
Dogecoin’s 2017 market structure refers to explosive growth
Market analysts have note The recent Doge correction closely reflects its 2017 bull cycle model, where similar withdrawals have led to new heights of all time. If history is repeated, Doge may have already found a local background, preparing the ground for a potential escape.
The key technical indicators also support this upward thesis, DOGE showing signs of accumulation and potential reversal of trends. If Bitcoin stabilizes and resumes momentum, Dogecoin could follow the plunge, perhaps revisiting its high previous ones and beyond.
What is the next step for Dogecoin?
With a strong accumulation of whales, historic price patterns and market feelings align in favor of Dogecoin, all eyes are now in its next movement. If BTC maintains stability and the wider cryptography market is recovered, Doge could be ready for a major gathering.
Could this be the moment when Dogecoin recovers its old glory and heads for new heights of all time? The coming weeks will be crucial to determine if the story will be repeated.
Reading related | Solana memecoin platform pump. Amusing a trial of more than $ 500 million and 200 tokens