Dogecoin (Doge) is a cryptocurrency inspired by the memes that lead the capitalization of that category, navigating turbulent waters. Prices fell 8% last week, and are currently trading at $0.20 after an astonishing rebound at the end of July.
Factors such as uncertainty in the Federal Reserve’s interest rate policy, geopolitical tensions between the US and Russia, and this import tariff have been hit by markets that include this memocoin.
Despite this context, the Dogecoin graph reveals promising signs. Minimum and maximum values can be observed, suggesting the formation of upward channels..
The trend line (blue) shows an upward peak and bullish compression, increasing the chances of upward breaks. In this regard, Doge is at the bottom of the channel.
but, This scenario loses validity when Doge closes a daily candle below $0.18an important level that investors need to closely monitor.
Accumulation of great players
Meanwhile, whales — investors with over 10 million cryptocurrency units — aren’t too late. Analyst Ali Martinez shows Doge Chhales’ numbers have been shot recently. That is, there is a prominent trend in accumulation (which is bullish at cryptocurrency prices due to simple supply and demand laws).
This group Currently, it manages 72,640 million dogs, which are almost 50% of the circulation supply. 150 million coins. This accumulation can reduce available supply and increase prices if demand is maintained.
Despite these signs, Doge is far from the glory of his past. Current prices are 72% below the previous maximum of $0.73 reached in 2021. However, large investors’ activities can become catalysts and small investors who can notice these purchases and amplify bullish possibilities.
Doge has early institutional interests
Interest in Doge is not limited to individual investors. Bit Origin Ltd (BTOG), a company cited in NASDAQ, has announced that it will sell up to $400 million in regular Class A stock and $100 million in convertible debt, as reported by Crypto.
The goal is Financial Strategy Focusing on the Ministry of Finance’s Accumulationhas the ambition to become one of Memecoin’s biggest corporate owners. This institutional movement strengthens trust in the potential of Doge as a digital asset.
The combination of upward channels during formation, large accumulation of whales, and institutional adoption (low for now, but likely to grow) attracts an interesting panorama. While the market faces winds, The technical signals and movements of great players suggest that Dogcoin is preparing for a new chapter.
For the next few days, this memecoin will be key to check if it is capable of breaking resistance or if a $0.18 level marks a turning point.