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Dogecoin (DOGEUSD) hit last week the 1W MA200 (orange trend-line) for the first time since the December 07 2020 1W candle. This is the trend-line that (excluding the March 2020 COVID crash), marked the bottom during the previous Bear Cycle.<\/p>\n
This idea illustrates DOGE’s long-term Cycles in order to get a better understanding of where we stand today. Last week’s low on the 1W MA200 completed a -90% correction since the May 03 2021 1W candle All Time High. As you see the previous Cycle also formed its bottom on a -90% correction, while the 2014 Cycle did so after a -95% correction. Also the recent low completed 53 weeks (371 days) since the Cycle’s High. The previous two were 57 weeks (399 days) and 67 (469 days) respectively.<\/p>\n
That makes the current levels a solid buy for the long-term. However it is common for Dogecoin to consolidate and have a very long accumulation phase before having its aggressive parabolic rally that leads to a Cycle (blow-off) Top. The Accumulation Phases of the last two Cycles (from bottom to the start of the parabolic rally) were identical, 97 weeks (679 days) in 2019\/2020 and 96 weeks (672 days) in 2015\/2016.<\/p>\n
Tradingview link:<\/p>\n