Analysts note accumulation signs similar to past DOGE rallies, with key support forming near $0.194
Dogecoin (DOGE) has broken above the $0.195 level amid a surge in trading activity, sparking optimism that the popular meme token could be preparing for its next bullish leg. Market analysts are pointing to a potential Wyckoff accumulation phase, a technical pattern historically preceding major uptrends in asset prices.
After weeks of consolidation, DOGE/USDT has shown early signs of strength, bouncing off a crucial demand zone near $0.17–$0.19. Technical charts reveal that the token is forming higher lows while defending support at $0.194, a level traders are closely watching as the line between accumulation and breakdown.
“Dogecoin’s structure resembles previous Wyckoff setups we’ve seen before major price expansions,” said BITX market strategist. “If the price continues to hold above $0.194, we could see a shift into the markup phase — potentially targeting the $0.25 to $0.30 range.”
The Wyckoff theory, widely used among professional traders, identifies accumulation patterns where strong hands quietly build positions before prices move higher. Analysts argue that the current consolidation mirrors the early 2021 cycle, when DOGE broke resistance following a prolonged base-building period.
Volume trends also support this thesis. On-chain data shows rising trading volume around support, hinting at renewed investor interest. “What’s critical now is maintaining this demand area. A daily close above $0.20 could confirm bullish intent and invalidate short-term bearish setups,” .
If confirmed, the next resistance zone lies between $0.26 and $0.30, where previous rallies have stalled. A breakout beyond this level could reignite speculation of a wider altcoin recovery. Conversely, losing the $0.17 support could invalidate the Wyckoff structure, returning DOGE to its prior range lows.
With Dogecoin trading around $0.196, technical signals and volume dynamics suggest a potential trend reversal may be underway. Holding above $0.194 remains the key trigger point for bulls. As traders put it, “Accumulation phases often look boring — until they don’t.”
If the Wyckoff setup plays out, DOGE could soon surprise the market with another classic rally.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.