Highlights
Dogecoin (DOGE) price and major cryptocurrencies are poised for significant upward movement before the end of August as liquidity increases in anticipation of the annual Jackson Hole Symposium in Wyoming. Investors expect Jerome Powell, the Fed Chair, to affirm the central bank’s commitment to bringing down interest rates starting in September and lay out the general economy policy.
After defending support at $0.1 from early August, Dogecoin price consolidated below $0.11 resistance. However, a 2.8% rise in the last 24 hours promises an extended leg up. Short-term support provided by the 20-day Exponential Moving Average (EMA) reinforces the renewed bullish trend.
The Moving Average Convergence Divergence (MACD) indicator flaunts a buy signal, encouraging traders to buy DOGE. A breach of the 50-day EMA resistance at $0.1137 will increase the probability of a falling wedge pattern breakout.
As Dogecoin price corrected from its March peak of $0.2288, it hit two higher lows and three higher lower lows. Using trendlines to connect these price points forms a falling wedge. The pattern is validated when DOGE breaks above the trend line resistance, ahead of a potential 71.5% breakout to close the gap to $0.2.
The target is determined by measuring the distance between the first swing high and low and appended to the breakout point. Traders place a stop loss below the trendline for risk management.
DOGE price forecast calls on traders to be vigilant and prepare for all scenarios, considering possible delays at the 50-day and 200-day EMAs. Other levels threatening the rally include the supply at $0.14 and around $0.18.
With the GIOM model showing volume, attention is directed to the area at $0.125, where 357.12k addressee purchased 46.31 billion DOGE. Traders cannot rule out a potential correction from this region as some holders could sell a breakeven, thus intensifying overhead pressure.
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