The price of Dogecoin has formed a weekly falling wedge pattern.
A 40% increase to $0.0952 is anticipated upon a breakout from this technical configuration.
It will be impossible to maintain the bullish thesis for DOGE if a weekly candlestick closes below the $0.0593 support level.The price of Dogecoin (DOGE) is circling around the edge of a falling wedge formation and is about to break out.
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For holders of DOGE, a successful break out of this setup might lead to a sharp increase in value. However, a reversion to the wedge pattern would pose a challenge for breakout traders.
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Dogecoin’s value is about to surge.
The price of Dogecoin (DOGE) is expected to rise explosively upon a successful breakout as it coils up inside a falling wedge shape. When trend lines connecting the four lower highs and four lower lows that DOGE has formed since October 31 are drawn, a falling wedge is shown.
By calculating the distance from the initial swing high and swing low to the possible breakout point of $0.0688, this technical structure predicts a 40% upswing to $0.0952.
It’s a make-or-break moment for the Relative Strength Index (RSI), which is now hovering just over 50. The price of Dogecoin will need to rise in order for DOGE to flip the mean level, which will strengthen the forecast for partial bull markets.
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In that scenario, the price of Dogecoin can increase by 18% and reach the resistance level of $0.0816. If DOGE continues to rise over this obstacle, it may retest the theoretical objective of $0.0952. This would be a forty percent move.
Notwithstanding the excitement, a weekly candlestick closure below the $0.0593 support level in Dogecoin price will result in a lower low and refute the bullish thesis for DOGE. This action may also set off a 7% decline to the swing low of $0.0550 on October 10.
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