Dogecoin is showing signs that it may be on the verge of a significant price movement, according to recent analysis by crypto analyst Ali. With multiple technical indicators aligning, Ali pointed to a higher probability of an upward move if Dogecoin can overcome a crucial resistance zone where 30 billion DOGE previously changed hands.
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Ali emphasized the relevance of the Tom DeMark Sequential, an indicator that recently signaled a potential buy on Dogecoin’s monthly chart. This development has sparked speculation that Dogecoin could soon experience a trend reversal.
A comparable technical structure emerged in August 2022, as Ali noted, when an inverted hammer and a TD buy signal appeared alongside a developing doji candle. This formation was followed by a rally of 145% over the month.
Currently, Dogecoin’s chart is echoing that earlier pattern: an inverted hammer, a TD Sequential buy signal, and a new doji candle taking form. If a similar sequence unfolds, the next monthly candle could initiate a dramatic price move.
Dogecoin’s price structure now mirrors the setup that led to the 145% rally in August 2022, with key technical indicators and candlestick formations showing strong alignment for potential momentum.
Whale accumulation and recent price action
In addition to technical signals, on-chain data suggests that large holders are preparing for potential upside. Over the past week, whale addresses accumulated more than 430 million DOGE, reinforcing the bullish case put forward by chart patterns.
Despite these positive developments, Dogecoin has seen limited price movement in recent days. Since June 25, the cryptocurrency has traded in a narrow range between $0.068 and $0.08. The price currently stands at $0.069, and a death cross recently appeared on the hourly chart, signaling possible short-term caution among traders.
Critical resistance levels ahead
Ali identified $0.0813 as the immediate resistance to monitor, which has proven formidable since Dogecoin faced a sharp rejection at that level on June 23. This price zone has become an important pivot for Dogecoin’s near-term outlook, given the large volume of DOGE previously transacted there.
A sustained close above $0.0813 could confirm momentum for further gains, potentially opening the way to the next resistance, noted in the URPD profile at $0.177. Should Dogecoin successfully reclaim $0.0813 and establish support there, traders may anticipate a breakout from its recent trading range.
A breakout and close above $0.0813 would shift focus to the $0.177 mark, where Dogecoin faces its next major resistance according to volume data.
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