Dogecoin Breaks $0.195 as Wyckoff Accumulation Signals Potential Upside

Dogecoin surged 2.4% in a controlled rally on strong institutional flows, breaking key technical resistance and signaling continued accumulation within a potential Wyckoff phase. Analysts note that if support holds above $0.194, DOGE could see further gains.

Market Overview

DOGE advanced from $0.1911 to $0.1957 over the 24-hour session ending October 24 02:00, clearing resistance at $0.1953. Trading volume reached 483 million, 68% above the 24-hour average, indicating strong institutional participation.

The memecoin traded in a narrow $0.0068 intraday range (3.5% volatility), forming successive higher lows at $0.1931, $0.1936, and $0.1949, reflecting steady buying interest through each minor retracement. Analysts highlight structural similarities to Wyckoff accumulation phases seen in previous DOGE cycles.

Despite limited macro catalysts, the rally coincided with broader strength among high-beta altcoins and a recovery in Bitcoin above $67,000, supporting bullish sentiment.

Price Action

The breakout began during the 23 October 11:00 session, when DOGE surpassed $0.1953 on the day’s heaviest volume. Buyers established new short-term support at $0.1940, absorbing supply through successive retests.

Later, DOGE consolidated near session highs between $0.1954 and $0.1960 on declining volume, indicating that institutional accumulation had already occurred. Hourly data showed DOGE briefly climbing from $0.1955 to $0.1960 before settling at $0.1956, maintaining firm support above breakout levels.

This controlled consolidation signals sustained demand and aligns with ongoing institutional buildup.

Technical Analysis

DOGE maintains a short-term ascending trend, with higher lows and solid support at $0.1940. The breakout above $0.1953 validates the bullish setup, while volume profiles indicate accumulation primarily during the breakout rather than profit-taking.

Historical parallels to rounded-bottom formations from 2017 and 2021 suggest the potential for multi-week vertical rallies. Momentum indicators remain mildly divergent but positive, supporting the case for further gains if DOGE holds above the $0.194 support floor.

What Traders Are Watching

Sustaining above $0.195 is critical for DOGE to enter the markup phase typical of Wyckoff accumulation. A breakout above $0.20 could trigger momentum-driven inflows and attract algorithmic trend-following strategies.

On-chain data reinforce the bullish thesis, showing a continued decline in exchange-held DOGE reserves, indicative of long-term holder confidence. Downside risk remains limited while $0.194 holds, but a breach could see retracement toward $0.188. Institutional traders are expected to monitor volume strength closely on any approach to the $0.20 zone.