The price of the Dogecoin currency is at an inflection point with technical analysis showing to a potential bullish breakout. Many traders & analysts are closely observing the meme coin which has been trending down for several months now, seemed to be breaking out of this downtrend.
Falling Wedge Formation Suggests Reversal
Dogecoin has for quite some time been in a falling wedge pattern which is a bullish pattern characterized by the prices moving in a downward sloping trendlines. A rising above the upper trendline means that the prices are likely to rise significantly in the future. In a chart shared by World of Charts dismissively shows that Dogecoin is in the last stages of this wedge pattern that is trailed by a breakout.
$Doge#Doge Preparing For Massive Bullish Wave In Coming Months pic.twitter.com/phCwAt4Lr9
— World Of Charts (@WorldOfCharts1) September 13, 2024
In relation, ZAYK Charts were in agreement with this sentiment as they pointed out that DOGE has stuck to this range since March. With price action emerging as tight, a breakout could translate to a rather big gain. Bullish outlook is complimented with the fact that falling wedge is characterized with sharp upwards move once the resistance line is broken.
Price Targets and Key Levels
At the time of this writing, DOGE has been at $0.107 and next big target predicted by the analysts is at $0.17. If Dogecoin is to rise above the falling wedge, analysts have foreseen a quick rush to this point. World of Charts also believes that, with escalating buying pressure, the rally towards $0.26 level might be achievable.
$DOGE Movement has stayed within the Falling Wedge pattern,Since March✅
— ZAYK Charts (@ZAYKCharts) September 14, 2024
When a breakout happens, we anticipate Massive Bullish wave📈#DOGE #DOGEUSDT #Crypto pic.twitter.com/7yG9b1aTe9
The price has been ranging in the recent weeks though the narrow wedge which show that the price is likely to breakout. Dogecoin is poised for either touching the $0.17 mark or moving up from there and likely to go as high as $0.20 in the medium term.
Doge Breakout Sparks Altcoin Season Hopes: Analyst InsightsMonitoring the Breakout
Traders are keeping a close eye on Dogecoin’s movement within the wedge. The convergence of trendlines suggests that a significant move is on the horizon. Should the price break out, it could take the price even further, and set a bullish trend once again.
As the market waits for confirmation, several are gearing up for the bulls like usual in wedge breakdowns in other cryptocurrencies. Both analysts’ Charts provide a bullish outlook, with analysts watching closely for Dogecoin’s next move.
Based on the current technical analysis, the technical outlook is bullish and Dogecoin could be on the verge of a massive movement in the following weeks.
