Dogecoin has risen nearly 14% over the past month and 130% year-on-year. This is one of the green coins for the week (3%) despite a 24-hour dip. Current question: Integration or trend fatigue?
According to three linked signals, the former is still on the table.
Mega whale buys dip and sets the tone
Since August 14th, Mega Wallet (≥1,000,000 doge) has lifted the lift from 70.84 billion to 71.1 billion. This is an addition of almost 270 million people.
The purchase was displayed correctly as Dogecoin Price investigated a key short-term support zone of $0.21. This fresh purchase shows that large holders are confident in the possibility of a coin rising. And that is the first of three bullish sign.
Whale purchase is our starting queue. Large balanced buyers are absorbing the sense of relaxation rather than distributing it. The next check is whether broader sales pressure has actually eased.
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Dogecoin “Used Coin Age Band” shows ease of sales pressure
Used Coin Age Band tracks how much of the previous dormant supply (age cohort) is being used. A fall in print means there is less old supply that will hit the market. Relief during central integration often.
Since yesterday, Doge’s used output has slid from 429.77 million to 209.97 million. In other words, old coins stopped showing sizes while the mega whale was added.
Together, these two shifts explain the same view. Along with cooling distribution from the long coin, it is absorbed and absorbed by a large holder. When Dogecoin Price last rose, used Coin Age band metrics were lower each month from August 2nd to August 5th.
Dogecoin Price: Bullish Pattern and Key Trigger Zone
Why is it a 4 hour chart? It captures short-term follow-throughs from faster on-chain shifts than daily, which is still a bit slower.
In the four-hour time frame, Doge trades within the ascending triangle, with stacked hurdles approaching $0.232, $0.239 and $0.246. These stacked resistance levels are important when looking at the shorter time frame.
The $0.232 area has been repeatedly contested. A clearer acceptance could pull back momentum to the buyer and pull the daily structure higher. The force of the Bullbear in the 4-hour time frame is lifting its low, meaning that the bear pressure has disappeared into this throttle.
Bullbear power indicators measure the balance between buyers (bulls) and sellers (bears) in the market. This compares the highest prices over periods with an exponential moving average (EMA) to estimate the intensity, and compares the lowest prices with the EMA to measure the bearish intensity. As BBP moves towards positive territory, it suggests that buyers are gaining control. When it moves deep into the negative realm, the seller will take control.
If the whales continue to be added and the used age metric remains muted, then a break to the topside is a higher probability pass. Like the entire candle closure, the critical drop below $0.216 will disable this short-term bullish setup due to the price of Dogecoin and resume the downside.
Post Dogecoin Price aims to dodge the bears as the bullish trio surfaces first appeared in Beincrypto.
