Key Notes
- Crypto analyst Ali Martinez highlights a critical support level for DOGE at $0.13, where a rising trendline since October 2023.
- This level is pivotal amidst ongoing whale sell-offs, with 1.32 billion DOGE offloaded in the last 48 hours.
- The broader crypto market, including Dogecoin, is under severe selling pressure due to escalating Trump trade war and growing recession fears.
Amid the broader crypto market crash led by the escalating Trump trade war, Dogecoin (DOGE) has come under severe selling pressure over the past week, tanking 15%, and dropping under $0.15 levels.
However, on-chain data shows that the world’s largest meme coin has recently seen strong accumulation.
Dogecoin in Accumulation Phase
Prominent crypto analyst Trader Tardigrade has observed a potential Wyckoff Accumulation pattern forming in Dogecoin (DOGE), signaling a possible market reversal.
Although the current DOGE price action deviates slightly from the textbook Wyckoff model, specifically in phase B, where prices have shifted slightly higher than usual ranges. The crypto analyst highlighted that Dogecoin still exhibits most of the key characteristics associated with Wyckoff Accumulation.
#Dogecoin has undergone a spring of Wyckoff Accumulation 🔥
The current pattern doesn’t perfectly match the typical Wyckoff Accumulation since the price in phase B shifted slightly higher than usual. Yet, $Doge does share most characteristics of Wyckoff Accumulation 🚀 pic.twitter.com/ILZsCaSVkk
— Trader Tardigrade (@TATrader_Alan) April 8, 2025
This development suggests the possibility of a bullish breakout if the pattern completes as anticipated. However, the analyst cautions that the deviation in phase B can once again induce volatility in Dogecoin’s price.
DOGE’s Price Tests Crucial Support Levels
Crypto analyst Ali Martinez has highlighted a critical support level for Dogecoin (DOGE), emphasizing its adherence to a rising trendline since October 2023. This trendline now intersects with the 61.8% Fibonacci retracement level at $0.13, marking a pivotal price point for the cryptocurrency.
Since October 2023, #Dogecoin $DOGE has respected a rising trendline that now converges with the 61.8% Fib retracement at $0.13, making this a key support level to watch. pic.twitter.com/fSlblEcpiu
— Ali (@ali_charts) April 8, 2025
Dogecoin whale activity has also increased recently with over 1.32 billion DOGE sold in the past 48 hours. Thus, the continued selling pressure and the convergence of technical indicators suggest that $0.13 will be a key level to monitor in the coming days.
The cryptocurrency market has faced heavy selling pressure as the Trump trade war escalated, with 104% tariffs on China taking effect on April 8. U.S. stocks, bond markets, and gold have all been falling recently, reflecting investor concerns over a potential global recession.
Altcoins have suffered the most in this brutal market correction, with the likes of Ethereum falling over 56% since the beginning of the year. Even DOGE’s price has corrected by 53% as the euphoria surrounding Dogecoin ETF has faded quickly despite the crypto-friendly Trump administration in charge.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
