Dogecoin (DOGE) Prepares for Bullishness as It Forms Falling Wedge Pattern

Despite the ongoing broader market recovery, Dogecoin (DOGE) has been consolidating its values for a prolonged time. However, this sluggish movement is set to come to an end.

Crypto trader Ali Martinez has observed that Dogecoin (CRYPTO: DOGE) is displaying signs of a potential breakout from a falling wedge pattern on his daily chart timeframe. This formation could signal a potential bullish reversal.

Typically forming when an asset price has been in a downward momentum for a prolonged period, this pattern signals a potential breakout of bears. Having been in a correction mode for several weeks, DOGE is now primed to heighten bullishness.

As per the analysis from Martinez, a DOGE breakout from the falling wedge pattern identified in the chart would follow with an 8.3% price rise.を目指して政府部門を設立する大統領令を発表した後にやってくる。

Ali Martinez (@ali_martinezz) February 21, 2024

DOGE price today

DOGE price experienced an impressive increase yesterday after the US government launched the Department of Government Efficiency (DOGE) official website, just a day after President Trump’s swearing-in. The website, which display’s Dogecoin logo, raised the cryptocurrency’s profile and prompted it to see a 13% upsurge from its previous value.

The launch of the website followed Trump’s announcement of an executive order (on Monday) to establish the government department, which aims to address inefficiency in federal operations.

The relationship between the government department and the meme coin is interesting as it has contributed to giving the cryptocurrency significant visibility. Market observers believe that this connection could expand the coin’s legitimacy and broaden market interest.

DOGE is currently at $0.3594, down 4.7% over the previous day, reflecting wild volatility in the market. However, it could experience an uptrend as pointed out by the above technical indicators.

The rollout of the official website owned by the Department of Government Efficiency (DOGE) and its use of Dogecoin's logo has attracted user attention, especially traders and analysts. With the interplay of the bullish technical indicators, expanded visibility, and market sentiment, Dogecoin could experience uptrends in the coming days or weeks.