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Dogecoin confirms a price reversal, moving closer to the accumulation zone
Dogecoin (DOGE) has been facing a short term fall due to the market's optimistic sentiment being saturated.
This decline is seen by many investors as a natural correction rather than the end of growth momentum. Despite the recent fall, DOGE is getting closer to a new beginning, with long-term prospects still promising.
DOGE investors may soon accumulate
The Net Unrealized Profit/Loss indicator (NUPL) long term shows that the sentiment of long-term holders (LTH) is becoming more hesitant compared to previous rallies. In the past, when the NUPL indicator exceeded the 0.5 threshold, it often led to profit-taking pressure causing prices to fall. However, this time NUPL has exceeded the threshold earlier, reflecting increased skepticism as prices rise and causing stronger selling pressure.
This adjustment may pull the price down, creating a buying opportunity for those who believe in the long-term potential of DOGE.
This is often the price range where investors start to buy in strongly, opening up opportunities for a bullish reversal in the near future.
DOGE is currently trading around $0.215, just below the support level of $0.218. If selling pressure continues, the price may break through this support level and slide down to $0.198. Falling below this level would push DOGE into a consolidation zone, which could trigger a reversal and set the stage for potential growth.
The fall to $0.198 is likely to spur additional buying pressure, especially from long-term investors. This move could set the stage for DOGE to recover in the coming days.
Vincent