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Recently, the star coin in the Crypto Assets market, DOGE, has been performing remarkably. Despite a slight pullback in the last 24 hours, its monthly rise reached 14%, and the annual growth is as high as 130%. This week, DOGE still maintained a 3% pump, becoming one of the few meme coins that have sustained positive growth.
However, the current market faces a key question: is DOGE undergoing consolidation, or has it shown signs of weakness?
In-depth analysis of market data reveals some interesting phenomena. Since August 14, the total holdings of large wallets holding over 1 billion DOGE have increased from 70.84 billion to 71.11 billion, a net increase of approximately 270 million DOGE. This accumulation coincides with DOGE's price hitting a short-term key support level of $0.21, suggesting that large investors remain optimistic about its rise potential.
Meanwhile, the 'Spent Coin Age Band' indicator shows that the selling pressure from long-term holders is weakening. This indicator has dropped from 429.77 million to 209.72 million, indicating a decrease in the number of old coins flowing into the market, which is typically seen as a positive sign during a market consolidation period. The increase in holdings by large investors, combined with the weakening selling pressure, creates a potential bullish pattern.
Historical data also supports this bullish expectation. Before the last price rise of DOGE, the 'used coin age band' indicator hit a monthly low between August 2 and 5, suggesting that a similar market reversal could happen again.
Currently, DOGE is in an ascending triangle pattern, facing three resistance levels at $0.232, $0.239, and $0.246. Among them, $0.232 is considered a key resistance level in the short term, and breaking through this level may trigger a new round of rise.
Overall, although there is still uncertainty in the short-term trend of DOGE, several positive changes in indicators seem to suggest that a potential bull market may be brewing. Investors should closely monitor market movements while cautiously assessing risks.