Dogecoin, the well-known meme coin, is poised for a significant breakout as it forms a descending wedge pattern, a bullish reversal signal that has caught the attention of crypto analysts. This technical formation, characterized by converging trend lines that encapsulate a series of lower highs and lower lows, suggests that DOGE is consolidating and gearing up for a potential upward surge. Recent analyses particularly suggest that once Doge manages to break the upper trendline, it will see an explosive rise. This means there would be an amazing 77% gain in value leading to new resistance areas.
Dogecoin is at an important crossroads, going by the current market dynamics and the latest price movements trying to break through the wedge. The bearish move from this resistance level does not mean that DOGE will go down, but it could be a good idea to sell some and buy back if prices break below. It is worth mentioning that if a successful breakout of the above mentioned angle in Dogecoin’s daily chart then it would confirm a bullish model.
The wider market positivism of cryptocurrencies recovery which is led by Bitcoin has provided an opportunity for Dogecoin to raise its value considerably. Hence, traders need to watch DOGE closely around these key technical levels with further gains anticipated over the next several days.
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