Dogecoin has bounced back from recent lows and formed an accumulation base in the $0.162-$0.167 region, following a V-shape recovery.
Technical analysts are observing patterns indicating a potential bullish phase for DOGE, based on Wyckoff accumulation theory and historical breakout patterns.
Similarities are drawn between current price action and DOGE's 2024 performance cycle, with potential gains projected to reach $0.52, marking a new yearly high.
On-chain statistics from IntoTheBlock support the accumulation narrative, showing increased user engagement and adoption with rising new and active addresses.