In the daily time frame chart, the Dogecoin price showed the formation of a rising wedge pattern. Using the pattern’s support trendline, this popular memecoin witnessed silent recovery in the past five weeks registering a growth of 37.6%. Will the chart setup lead to further growth in DOGE price?
Also Read: Dogecoin Price Analysis: Will $DOGE Buyers Hold $0.06 Support As Market FUD Rises?
Amid the recent recovery in the crypto market, the Dogecoin price managed to rechallenge the upper resistance trendline of the wedge pattern. In theory, this pattern is a downtrend continuation pattern that offers a resting period for sellers to regain strength.
Until the two trendlines of this pattern are intact, the asset price is likely to resonate within them and extend a minor recovery. By the press time, the DOGE price trades at $0.0723 and shows a rejection candle near the upper trendline.
A possible reversal from this overhead resistance may plunge the price back to a lower trendline. However, a breakdown below the support trendline is needed to complete this pattern which could potentially push the prices to the $0.053 mark.
Considering the bullish sentiment in the market, the Dogecoin price may witness a rare-case scenario of surpassing the upper trendline. This bullish breakout with a daily candle closing will accelerate the bullish momentum and surge the memecoin 21% higher to hit $0.083.
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