Dogecoin showed moderate volatility, initially dipping to around $0.156 before rebounding and reaching a peak above $0.162. After the peak, the price corrected downward but maintained support near $0.156, signaling resilient buying pressure.
At press time, Dogecoin was trading at $0.1491, reflecting a 7.42% decline over the past 24 hours.
DOGE Exchange Inflows Hint at Potential Rebound Ahead
The chart shared by analyst Ali Martinez, shows that Dogecoin’s exchange net position change has flipped back into positive territory, meaning more DOGE is flowing onto exchanges than leaving them. Historically, previous spikes into positive territory have aligned with sharp price rebounds, as increased exchange inflows can signal renewed market participation and potential preparation for volatility.
At the same time, DOGE’s price remains near a critical zone, where past inflow surges have coincided with local bottoms before subsequent relief rallies. The highlighted green bar in the chart suggests a sudden increase in the amount of DOGE being deposited to exchanges.
Martinez interprets this as a sign that investors may be anticipating a short-term move. If the pattern repeats, this positive net position change could serve as an early signal of a possible bullish reaction, similar to what has occurred in earlier cycles.
DOGE Forms Bullish Descending Broadening Wedge Structure
Dogecoin’s current structure is taking shape inside a Descending Broadening Wedge, a pattern Trader Tardigrade often highlights for its bullish implications. The price is expanding downward with lower highs and lower lows, showing increasing volatility as it approaches the wedge’s apex.
Source: X
Within this formation, DOGE continues to bounce between the upper resistance and the widening lower support trendline. This movement reflects the typical behavior of the pattern, where sellers lose control gradually while buyers begin absorbing dips more aggressively.
Trader Tardigrade noted that the key trigger is a breakout above the descending resistance. If DOGE manages to push through that upper line with conviction, it could signal the start of a bullish reversal.
Source: https://coinpaper.com/12472/doge-exchange-inflows-spike-as-price-climbs-toward-0-30
