[DigitalToday reporter Yoonseo Lee (이윤서)] Dogecoin has re-entered a long-term accumulation zone that formed ahead of a past large rally.

On July 10, blockchain media outlet The Crypto Basic reported that, on a monthly chart basis, the current price structure is showing a flow similar to the previous cycle’s bottoming zone.

The key question is whether a past pattern can repeat, in which a strong rise followed after support was confirmed after a long correction. Dogecoin formed an initial entry zone around $0.056 in October 2023. It then formed long-term support around $0.0805 in August 2024. Since June, it has retested this zone.

On the monthly chart, Dogecoin previously formed a similar structure ahead of a rebound after a lengthy correction. In the past cycle, it first created an initial entry zone, then stabilised above a long-term support trendline. After a final entry zone, it moved into a phase of sharp expansion.

In May 2015, it bottomed at $0.000086 and then built support around $0.000198 in April 2016. It moved sideways above that zone until February 2017. It then rose 1,823 percent to $0.0040 in May 2017. In the next cycle, after a low of $0.00065 in September 2017, it secured support around $0.0018 in February 2019 and moved in that zone until March 2020. From April 2020 to May 2021, it surged 41,011 percent to a record high (ATH) of $0.74.

The analysis says the current structure is similar. A recent correction pushed the price slightly below a horizontal support zone, but it remains above a broader rising support line that has continued since October 2023. The analysis says the current price range has historically amounted to a discounted final buying zone, followed by a strong price reversal and an explosive rise.

The variable that will divide market reaction is whether support holds. Based on the fact that each previous rise surpassed the prior peak, the first target is $0.80. That is 981 percent above the current price of $0.074.

In a more bullish scenario, it is discussed as reaching $2 after surpassing $1. That implies gains of 1,251 percent to 2,602 percent.

Still, optimism alone does not confirm a pattern. Dogecoin needs to hold support near the accumulation zone and show signs of recovery. In particular, if buying defends around $0.066, a large rise similar to the previous cycle could follow, but if it clearly breaks below the support zone, the pattern would be invalidated and additional downward pressure could increase.

In this flow, the market’s focal point is clear. Whether Dogecoin regains stability above a long-term support line as it did in the past, or whether the existing bullish scenario is derailed by a breakdown of a key support zone, is emerging as the variable that will determine the short-term direction.