Dogecoin (DOGE) Breaks Out of Falling Wedge Pattern and Retests It – Could Be Massive

Dogecoin is trading below key levels after dropping over 10% following last night's bullish price action. The meme coin market continues to struggle

Dogecoin (CRYPTO: DOGE) is testing key levels after a 10% drop stalled the recent bullish price action in the meme coin market.

What Happened: Meme coins have struggled to gain momentum in recent weeks as sellers remain in control of the market. Dogecoin is no exception, having failed to rise above previous highs since late January.

> "Falling wedge breakout retest. Massive move if holds. Could get 0.434 in the coming weeks if the breakout remains valid. But if loses the wedge, then opens up for lower prices and demand zones," said popular X handle, which is followed by over 2.8 million users.

If Dogecoin manages to stay above the wedge and confirm the breakout, a large price move could follow, potentially reversing the bearish trend that has been affecting the meme coin market.

However, if the wedge support is lost and Dogecoin drops below the $0.20 level, it could open up possibilities for further declines, pushing the meme coin into lower demand zones.

The next few days will be crucial in determining Dogecoin's short-term price direction as traders await confirmation of the breakout or signs of another downturn.

Why It's Important: Dogecoin is known for its volatile price swings and meme-based community involvement. The meme coin has faced strong selling pressure at higher prices, making it difficult for bulls to gain control.

As Bitcoin (CRYPTO: BTC) approaches the $100,000 mark, traders are becoming more attentive to any signs of a breakthrough or a return to lower prices.

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