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Dogecoin entered an prolonged accumulation range after hitting a latest yearly peak in May 2024. Since then, the value has fluctuated widely, presumably giving investors time to enter back into the meme coin at lower prices. Nevertheless, with the market on a decline and expectations for a recovery on the horizon, Dogecoin investors appear to be done with their buying. This signals that the drawn-out accumulation trend might be at an end, something that might be bullish for the meme coin’s price.

Why The Dogecoin Accumulation Has Ended

Crypto analyst, VIAQUANT, on the TradingView website, has suggested that the Dogecoin accumulation trend is finally at its end. The crypto analyst points to a vital indicator, namely the Moving Average, and their positioning being the evidence that that is the case.

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In accordance with VIAQUANT, the Dogecoin price has defended multiple moving averages on necessary timeframes. This development shows not only strength, but an end to the buildup phase. The necessary moving averages listed below are the 21 Moving Average, the 100 Moving Average, and the 200-Day Moving Average.

The evaluation points out that on the 3-day chart, the Dogecoin price has held the 200 Moving Average. Next is the 100 Moving Average on the weekly chart, even after a rapid decline during the last week. Last but not least is the 21 Moving Average, which continues to carry tightly on the monthly chart.

Given these developments, the crypto analyst believes that these moving averages being held show that the Dogecoin accumulation phase has ended. Not only that, they posit that this also implies that the meme coin might be gearing up for an additional price recovery from here.

What Happens To DOGE Price From Here?

Presently, Dogecoin prices are still struggling against the headwinds of the bearish crypto market. But when VIAQUANT’s evaluation is correct, then this might only be short-lived from here. Given how much the coin has fallen in the previous couple of months, a bounce from here might be phenomenal.

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The crypto analyst points to an identical accumulation trend that took place firstly of 2024. Following that, the DOGE price had bounced greater than 100%. Taking that scenario and using it in the present situation, the analyst pegs the Dogecoin price for an additional 100% surge. This might mean that the value would cross $0.2.

Interestingly, the crypto analyst doesn’t expect this move to take long. The chart shows that the move above $0.2 can be accomplished sometime in November, meaning a 3-month timeframe for the evaluation to play out.

DOGE price drops below $0.1 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com