After a brief demonstration of the bullish impetus on Thursday, Dogecoin began its lower price action, Fall as low as $ 0.201. In 1 month, the Doge price decreased by almost 40%, triggering speculation on a possible phase of the bear market. However, the piece even on the theme of the dog could always undergo a rebound as it moves in a key area.
Order the block area indicates an upward trend for Dogecoin
Dogecoin was faced with the down pressure, which means that its price retains the previous support levels. Meanwhile, the market expert and late investor trader revealed An upward trend in the recent action of DOGE prices.
Dive into Dogecoin price actionDelay Tardigrader stressed that the meme part has entered a crucial control block area for a substantial purchase or sale activity which could determine the future trajectory of the action. The control blocking zones during increased volatility often serve as high support or resistance levels.
Many large concentrations of limit orders are currently waiting to be executed in this area. When this area is filled with orders, late late is convinced that Doge will increase in the coming weeks.
Experts provide for an upward trend for DOGE Since the previous scenarios preceded important rallies in the following weeks, as seen on the daily graphic. If the purchase pressure increases as DOGE is negotiated in this control block area, this could trigger a bullish momentum, which allows it to recover key resistance levels and possibly a new record of all time.
A key model Cited within 4 hours is also supported the Doge potential for an upward trend. In another x jobTrader Tardigrade noted that the meme part has formed a double -bottomed diagram model, an indicator that generally signals an upward trend.
If Dogecoin actually performs the Bothe graphic, it should resume its movement upwards. Looking at the expert’s graphic, the model could lead to a rebound in $ 0.22 in the following days.
While double -bottomed advice to an increasing impulse, the Relative resistance index of DOGE (RSI) underwent an upper rupture from a horizontal resistance line. This break is likely to support the coinThe planned recovery of early prices triggered by the Bothing motif.
Doge Open Interest Tanks in recent months
Open interest of Dogecoin (OI) has decreased sharply with its decreasing price movements. Ali Martinez technical expert reported A decrease of more than 67% of DOGE’s open interest in the last 3 months. This represents a drop compared to its summit of $ 4.07 billion in December at around $ 1.33 billion today.
Surprisingly, investors are starting to demonstrate interest in Doge in the middle of the current price drop. Chain data Shows that large investors or whales have returned to the market, strongly acquiring Dogecoin. These whales have accumulated more than 530 million Doge in the last 72 hours, reporting confidence in its long -term perspectives.
Shutterstock star image, tradingView.com graphic