The biggest meme token on the blockchain has yet another red candlestick forging on its chart for the fifth month at a stretch. Dogecoin (DOGE) now trades for about $0.11 and has witnessed a considerably endless bearish streak.
As we all know, the green candlesticks are friends to every trader, while the red candlestick signifies loss or says, a particular coin is being exchanged for a price rate below its initial rate at the beginning of the month.
These blushing candlesticks have appeared on Dogecoin’s chart for four months, and at a stretch. The appearance of a fifth seems to be around the corner.
The Beginning of the Downward Spiral
The Dogecoin downward spiral did not start in the last five months. In the month of 2021, the meme coin rose to an ultimate high of about point seven-six dollars ($0.76). After an extreme pummels, it recovered for a minute in the eighth and tenth month of 2021 before the five-month streak of red candlesticks we are still being faced with, happened.
From the beginning of May 2021 to the point, the only green candlesticks to have graced the Dogecoin chart are two. An eleven-month-long bearish season has taken a toll on the Dogecoin chart, it is only a matter of time before the stats will be reversed.
The rate of Dogecoin at the time of publication is $0.114, a drastic fall over the last 24 hours.
A Bullish Uproar Around the Corner
The hugest meme coin on the blockchain will soon approach a critical point where the only way to go will be up. The Relative Strength Index (RSI) indicator shows that a bullish run is around the corner. However, additional consolidation might be required before a significant price change will be seen.
The biggest proprietors of Dogecoin keep on accumulating this token at a giveaway price, thanks to the current state of the market. Cryptocurrencies generally have proven to have limited price gateways, it is always a good idea to accumulate as much of a particular token as one can when the market price flattens.
These Dogecoin proprietors seem to be making good use of the accumulation stage.
A point in the market progression comes when the rate and state of the currency have been dependable for some time and the market starts to pick up again. This is known as the ”Mark-Up Stage”.
This is a stage in the market where the principal proprietors of Dogecoin seem to be getting ready as the 100 top Dogecoin holders marked up their portfolios in the last twenty-four hours.
Reports show that a nine hundred and eighty seven point seven six percent (987.76%) surge in the average Dogecoin balance has been recorded in the accounts of these leading proprietors.
Entry of additional addresses will boost chances of the Dogecoin network as most holders are not interested in selling for a promise of accumulating gains in the future.