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Cryptocurrency News Articles
Dogecoin (DOGE) Falling Wedge Breaking Bullish - Will It Double Its Value and Reach $0.20?
Sep 17, 2024 at 05:00 am
Dogecoin (DOGE) is currently trading at $0.102, but the popular meme-based cryptocurrency appears to be positioning itself for a potential
Dogecoin (CRYPTO: DOGE) is currently trading at $0.102, but the popular meme-based cryptocurrency appears to be setting itself up for a potential move to the upside.
Over the past five months, Dogecoin has largely traded in a downtrend with the formation of lower highs and lower lows. This consistent downward price movement has resulted in the development of a classic price pattern known as a falling wedge.
According to one technical analyst who has been closely tracking Dogecoin’s movements, the daily chart suggests that the falling wedge is coming to an end, with a bullish breakout now in sight. If Dogecoin successfully breaks out of this wedge, the analyst projects a price target of $0.20.
Dogecoin Falling Wedge Breaking Bullish A falling wedge is a narrowing price channel that typically signifies a reversal from bearish to bullish momentum. The key characteristic of this pattern is that it shows a gradual reduction in the downward price movement as buyers begin to step in, causing price consolidation. In the case of Dogecoin, this pattern was highlighted by a technical analyst who goes by the online pseudonym Crypto Yapper on social media platform X.
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The DOGE/USDT chart on the 1D candlestick shows that DOGE has largely been in a downtrend since it peaked at its yearly high of $0.22 in March. At one point, DOGE fell by 63% from $0.22 to a low of $0.08 on August 5. Following this low point in early August, Dogecoin has managed to stage a modest recovery, rising by approximately 25% to its current level. However, DOGE has yet to break above the upper resistance trendline of the falling wedge pattern.
This Falling Wedge on the #DOGE daily chart is close to breaking Bullish
The break out target for #Dogecoin will be $0.20 pic.twitter.com/MoAQe1Xo6r
— Crypto Yapper (@CryptoYapper) September 14, 2024
Since bouncing off $0.088 on September 6, DOGE has traveled upwards to retest the upper trendline of the falling wedge at around $0.108. As noted by Crypto Yapper, a successful break to the upside would see DOGE doubling its current value and reaching $0.20.
While this price target might seem modest at first glance, especially considering that Dogecoin had already surpassed $0.20 earlier in the year, it represents the cryptocurrency’s recovery from its prolonged downtrend. This, in turn, could lead to a total change into bullish sentiment, with DOGE eventually breaking above $0.22.
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Echoing the falling wedge pattern analysis is another DOGE trader (CryptoHotep). According to him, DOGE at $0.10 is a gift. His post featured a similar DOGE/USD price chart featuring the falling wedge pattern from $0.22, albeit with the upper trendline only.
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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