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- Dogecoin bounces back from the $0.145 low and forms a V-shape in the $0.162-$0.167 region.
- According to Wyckoff accumulation theory, buying interest is indicated by changes in character patterns.
- The historical 2024 breakout hit $0.48 following a comparable accumulating phase.
Dogecoin has established an accumulation base following a sharp recovery from recent lows, with technical analysts identifying patterns that historically precede major price advances. The meme coin has recovered from the $0.145 support level it achieved on June 23 and is now trading between $0.162 and $0.167.
Using Wyckoff theory, TradingView analyst Setupsfx has spotted significant changes that point to the possibility that DOGE is about to enter a bullish accumulation phase. The analysis points to multiple Change of Character (CHoCH) patterns appearing on the chart, which typically signal early institutional or smart money buying interest ahead of retail participation.
Dogecoin Historical Patterns Support Current Setup
Chart analysis reveals striking similarities between current price action and DOGE’s 2024 performance cycle. After the token spiked to $0.2286 in late March of 2024, a declining trendline developed, generating several rejection points, including as $0.141 on July 22 and $0.135 on July 29.
The eventual breakout from this accumulation period in late 2024 propelled prices to $0.48 by December 2, delivering substantial gains for patient holders. This rally validated the Wyckoff accumulation theory as institutional buying quietly absorbed supply during the consolidation phase.
Following the December peak, another falling trendline developed with price touching $0.435 on January 13, 2025, before declining to $0.128 by April 7. The subsequent rebound faced rejection near $0.254 on May 19, establishing the current accumulation zone that mirrors the successful 2024 pattern.
Setupsfx emphasizes that DOGE now trades at a critical buying level, though confirmation remains necessary before committing to positions. The current accumulation phase requires time to mature as smart money continues building positions before transitioning to a distribution phase that would provide clearer directional signals.
The analyst projects potential gains of 214.6% from current levels if the pattern completes successfully, targeting approximately $0.52 and establishing a new yearly high. However, risk management protocols remain essential as the structure has not yet confirmed a definitive bullish breakout.
The technical accumulation narrative is supported by IntoTheBlock’s on-chain statistics, which uses quantifiable network expansion indicators. Over the previous seven days, the number of new addresses rose by 102.40%, while the number of active addresses jumped by 111.32%, suggesting an increase in user engagement and adoption.