Dogecoin is facing a confusing technical setup as technical analysis warns of 
a major higher-timeframe move that could first send DOGE into a deeper 
accumulation zone. The chart appears bearish at first glance, but the inverted 
price scale changes the reading, turning the projected drop into a longer-term 
bullish setup that points to $1, $2, and eventually $5. Dogecoin Is 
Approaching Its Smart Money Zone Technical analysis done by a crypto analyst 
known as Crypto Patel is built around the idea that Dogecoin may still need to 
push lower before its larger upside cycle begins. Crypto Patel&#8217;s 3-week 
DOGE/USD chart on TradingView covers over a decade, from 2014 to a projected 
2028, and it shows repetitive price action. The key detail, however, is that 
the chart is inverted for emphasis, meaning the bearish-looking projection 
actually points to a bullish long-term move. Related Reading: Dogecoin Has 
Entered The Zone That Led To The 2021 26,000% Surge And The Target Is Above $2 
The chart shows Dogecoin inside a descending channel that has guided the price 
for years. The first major phase began with a rejection at the upper trendline 
before the 2017 cycle, followed by a large move that eventually gave way to 
another long correction. A second major base formed around early 2021, which 
later led to Dogecoin’s explosive run during the last meme coin mania. Crypto 
Patel appears to be comparing the current structure to those earlier phases. 
The third setup on the chart is developing right now, where Dogecoin looks 
like it is rejecting at the upper trendline of the descending channel. What’s 
Next For Dogecoin? The marked rejection zone around the current area shows 
that the Dogecoin price could still revisit as low as $0.07 in the 
accumulation range for a bottom before a strong higher-timeframe reversal. 
According to Crypto Patel, retail traders will sell the bottom, but smart 
money traders are already setting alerts. Related Reading: Dogecoin Inverted 
Scale Shows A Sharp Drop, But Something Is Interesting About This Chart 
Interestingly, on-chain data support this notion of smart money movements and 
whales that are accumulating Dogecoin. Recent on-chain data in early May shows 
that Dogecoin whales recently recorded their busiest day in six months, and 
most of this activity is accumulation moves. If Dogecoin breaks below the 
current range without strong spot demand, the move could still drag the price 
deeper into Crypto Patel’s $0.10 to $0.07 accumulation band. However, the 
projection shows the Dogecoin price reversing around the accumulation band and 
embarking on a rally, with the analyst pointing at $1, $2, and $5 targets. 
Crypto Patel’s $1, $2, and $5 targets are very bullish, especially because 
Dogecoin is down by 85% from its 2021 all-time high of $0.7316. At the time of 
writing, Dogecoin is trading at $0.109. The first major checkpoint would be 
confirming daily and weekly closes above $0.10, reclaiming higher resistance 
levels around $0.15 to $0.20, and confirming that the current structure has 
moved out of a long corrective phase. Featured image from Getty Images, chart 
from Tradingview.com

Dogecoin Price Set To Hit $5 Amid New Influx From Smart Money?

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Dogecoin Price Set To Hit $5 Amid New Influx From Smart Money?

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