As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a sense of anticipation when it comes to Dogecoin (DOGE). The falling wedge pattern on its daily chart is reminiscent of a coiled spring ready to unleash its energy. Having witnessed numerous market cycles, I’ve learned to appreciate the subtleties that technical patterns can reveal about a cryptocurrency’s potential direction.
At present, Dogecoin (DOGE) is being exchanged for around $0.102, yet it seems poised for an upward shift based on its current trajectory. Over the past five months, the well-known cryptocurrency inspired by memes has predominantly followed a downward trend, with repeated instances of lower peaks and troughs. This persistent negative force has resulted in the formation of a traditional price pattern referred to as a ‘falling wedge.’
Based on the analysis of a tech expert who’s been closely monitoring Dogecoin’s trends, it appears that the falling wedge pattern might be about to end, signaling a possible bullish surge. If Dogecoin manages to break free from this pattern, the analyst anticipates a potential price goal of $0.20.
Dogecoin Falling Wedge Breaking Bullish
A falling wedge refers to a contracting trend line that often indicates a shift from negative market trends (bearish) to positive ones (bullish). This pattern is characterized by a progressive decrease in the price drop, as more buyers enter the market, which eventually leads to price stabilization. For instance, in Dogecoin’s market, this pattern was pointed out by a well-known technical analyst on social media under the pseudonym Crypto Yapper on platform X.
Based on the daily candlestick chart for DOGE/USDT, Dogecoin has predominantly been declining since it reached its yearly peak of $0.22 in March. It dropped by about 63% from that high to a low of $0.08 on August 5. Following this dip in early August, Dogecoin has made a small rebound, increasing by around 25% to its present position. Nevertheless, it hasn’t managed to break through the upper resistance trendline of the falling wedge pattern yet.
$DOGE almost Breaking Out !
This Falling Wedge on the #DOGE daily chart is close to breaking Bullish
The break out target for #Dogecoin will be $0.20
— Crypto Yapper (@CryptoYapper) September 14, 2024
Starting from September 6, Dogecoin (DOGE) has been climbing back up, touching the upper trendline of its falling wedge pattern at approximately $0.108. According to Crypto Yapper’s analysis, if DOGE manages to break through this resistance and head upward, it could potentially double its current value and reach about $0.20.
Initially, the suggested price target for Dogecoin might appear conservative, given its past success of surpassing $0.20 earlier this year. However, it signifies Dogecoin’s rebound from a prolonged decline in value. This recovery could potentially trigger a shift into bullish market sentiment, with Dogecoin eventually breaking the $0.22 barrier.
In line with the analysis of the falling wedge pattern, another Dogecoin trader (CryptoHotep) has expressed that the current Dogecoin price at around $0.10 is an opportunity not to be missed. His post includes a chart similar to the DOGE/USD price chart, which demonstrates the falling wedge pattern starting from $0.22, with only the upper trendline visible in his analysis.
This comment was made regarding a forecasted breakout above the upper trendline. Although there wasn’t a projected price target, his comment showed this is probably the best time to buy DOGE before the projected breakout.
Read More
Sorry. No data so far.
2024-09-17 00:04