Dogecoin Crashes Below $0.24 and Marks a Triangle Breakdown. Will the Supply Surge Plunge DOGE Prices Below $0.20?

Amid the sudden surge of bearish sentiment in the crypto market, Dogecoin marks a breakdown rally. Crashing under the $0.24 crucial support level

Dogecoin price has crashed below the crucial support level of $0.24, marking a descending triangle pattern breakout. Falling prices and dwindling network activity suggest further declines, potentially pushing DOGE prices below $0.20.

Key Points:

Dogecoin price has broken down from a descending triangle pattern on the 4-hour time frame.

Falling prices and a bearish conclusion to the triangle pattern indicate potential drops below the $0.20 psychological support.

Dogecoin’s network activity has dropped to its lowest level in months, indicating decreasing demand and further price declines.

Four falling wedge patterns have been identified by an analyst, with each breakout leading to substantial rallies.

Dogecoin price is now at the fourth falling wedge’s crucial support level, and a breakout could trigger a significant rally.

Four Falling Wedges: Setting the Stage for a Breakout?

Dogecoin 4hr Falling Wedges from Macro to Micro.

Dogecoin 4hr Falling Wedges from Macro to Micro. Source: Trader Tardigrade

According to Trader Tardigrade, an analyst on X, Dogecoin is completing its fourth falling wedge pattern on the 4-hour time frame. These patterns are usually bullish and indicate a breakout to the upside.

The first breakout occurred in the last quarter of 2023 and resulted in an 88% price surge. The second wedge breakout in early November saw a 208% price jump. Finally, the third wedge breakout in the last quarter of 2024 led to a 445% surge, propelling Dogecoin close to $0.50.

Currently, Dogecoin is at the crucial support level of the fourth falling wedge pattern. If this pattern plays out as expected, a breakout could trigger a significant rally, potentially pushing Dogecoin past the $0.50 mark.