Is Dogecoin ready for an escape after hitting this key support?

• DOGE has been consolidated around the level of $ 0.16 for more than a month, suggesting a potential reacting phase.
• Vigilance is recommended because market dynamics can change quickly.

DOGECOIN (DOGE) found itself in the Fibonacci trace area of ​​50% in Fibonacci by 50%, a historically strong level of support. This withdrawal has aroused speculation concerning an imminent break.

At the time of the press, DOGE was negotiated at the same level as it was held before the electoral rally, erasing all the earnings of its $ 0.48 peak.

However, its consolidation of approximately $ 0.16 suggests a reactive phase, with RSI bouncing from an occurrence territory, indicating a potential optimistic divergence.

Chain metrics reinforce this accumulation thesis. As illustrated in the table below, the number of unique addresses holding at least 10,000 DOGE increased from 236K to 240K in the last month.

In fact, this overvoltage marks a six -month top. Consequently, a strong indication of the increase in medium participation and whales.

Given the strong historical attraction of Doge among the great holders, an escape according to this phase of accumulation maintains the merit.

However, its high -risk and high -rewarding nature leaves it exposed to short -term volatility, as shown by its recent decrease of 2%. Can Dogecoin challenge the chances of T2?

Doge’s historical prices of historical prices reports a parabolic decision

In its Q1 rupture in 2024, a similar diagram emerged. During this cycle, DOGE’s consolidation phase acted as a precursor of volatility overvoltages.

At the end of the quarter, Dogecoin reached $ 0.22 and a market capitalization of $ 28 billion, keeping its place like the 10th largest cryptocurrency.

With technical alignment and institutional interest, a potential repetition of its previous bullish cycles seems plausible. In particular, open interest (OI) reflects the rally, now levels above $ 1 billion.

However, for a same, the previous rise of which was fed by a high -level “media”, its main driver seems to have decreased. The result was significant: DOGE experienced more than $ 3 billion in liquidations in the first quarter.

While historical models suggest a potential recovery, these liquidations must be absorbed to form a bull market structure in the spot and term markets so that DOGE sounds from its current consolidation phase.