Dogecoin has experienced a -10% decline over the past 7 days. It is currently trading around its $0.3 support zone and has lost 16% of its trading volume. However, does this capture the true picture DOGE is displaying historically?
According to an X post by crypto analyst Javin Marks in December, DOGE looks to be in the middle of its 3rd bull cycle. Looking at Fibonacci levels based on prior cycles, prices are attracted to the 1.618 level, which sits at $2.28.
The start of 2025 has been good for DOGE. Despite many retracements, DOGE investors have held the $0.3 level, forming powerful support.
In his previous X post on Jan 17, Javon Marks confirmed the bullish strength of DOGE based on historical patterns. His market showed consistent movement with the previous bull cycles Dogecoin has experienced.
DOGE price has formed a double bottom on the 4-hour time frame, showing an accumulation phase building. Typically, a breakout is the next thing expected. All of which align with Javin Marks’ Fibonacci-level predictions.
Whales Accumulation Surge by 3000% in 90 Days
Data from IntoTheBlock confirms the bullish bias of institutional investors around Dogecoin. Inflows rose by over 5% in the past week. However, a step back shows that the accumulation has been consistent for the last 90 days, rising by 3,722%.
Such a vast supply implies that if demand persists while supply is low, it leads to upward price pressure. This could favor DOGE price in the long run, even if a concentrated few stand to gain the most.
This data reveals that despite the current outlook of a bearish market, investors are playing the long-term holding game with DOGE.
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