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Dogecoin Breaks Above Falling Wedge Pattern – Analyst Sets $0.43 Target
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Breaks Above Falling Wedge Pattern – Analyst Sets $0.43 Target

Sebastian Villafuerte
Sebastian Villafuerte
3 months ago
3 mins read
Dogecoin Breaks Above Falling Wedge Pattern – Analyst Sets $0.43 Target

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Dogecoin is trading below key levels after dropping over 10% following last night’s bullish price action. The meme coin market continues to struggle, and Dogecoin is no exception. Since late January, DOGE has failed to reclaim previous highs and consistently set lower prices each week. Investors are growing cautious as selling pressure remains strong, preventing any meaningful recovery.

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Despite the recent downturn, some analysts remain optimistic about DOGE’s long-term prospects. Top analyst Carl Runefelt shared a technical analysis on X, showing that DOGE recently broke out of a long-term falling wedge pattern and is now retesting it. Historically, falling wedge breakouts have led to significant upward movements, provided that the breakout is confirmed.

If Dogecoin holds firm above this key level and successfully confirms the breakout, a massive price move could follow, potentially reversing the bearish trend. However, failure to hold this level could lead to further declines, pushing DOGE into lower demand zones. The next few days will be crucial in determining Dogecoin’s short-term price direction as traders watch for confirmation of the breakout or signs of another downturn.

Investors Keep Selling Dogecoin: Can This Change?

Dogecoin is facing a crucial test as it attempts to break above key resistance without falling below critical demand levels. Bulls are now working to reclaim lost territory that could ignite a significant rally, but price action remains uncertain in the short term.

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The meme coin market has been under intense selling pressure, and Dogecoin has struggled to establish strong demand despite multiple breakout attempts. Investors are closely watching for signs of strength, but so far, bulls have failed to generate the momentum needed for a sustained recovery.

Runefelt’s technical analysis reveals that DOGE recently broke out of a long-term falling wedge pattern and is now in the process of retesting it. Historically, falling wedge breakouts have led to explosive price movements, provided the breakout holds. Runefelt has set a price target of $0.434 in the coming weeks if the breakout remains intact.

Dogecoin breaking out of a falling wedge | Source: Carl Runefelt on X
Dogecoin breaking out of a falling wedge | Source: Carl Runefelt on X

However, despite this bullish setup, there is no clear direction for the broader crypto market as long as Bitcoin remains below the $100K level. With BTC leading the way for the entire industry, meme coins like Dogecoin are likely to follow Bitcoin’s moves. If BTC reclaims key levels, DOGE could experience a rapid price surge, but continued uncertainty in the market could limit its upside potential.

DOGE Testing Short-Term Liquidity

Dogecoin is trading at $0.21 after a strong 33% rally over the past few days. Bulls have gained a slight advantage, pushing the price above key resistance levels. However, for DOGE to maintain momentum, it must hold above the critical $0.20 mark, which now serves as short-term support.

DOGE trying to reclaim key levels | Source: DOGEUSDT chart on TradingView
DOGE trying to reclaim key levels | Source: DOGEUSDT chart on TradingView

If bulls successfully reclaim $0.255 in the coming days, Dogecoin could see a significant breakout, leading to a massive recovery phase. A move above this level would confirm a bullish reversal and potentially trigger further buying pressure, sending DOGE toward higher resistance zones.

However, the market remains volatile, and losing the $0.20 level could quickly reverse recent gains. If DOGE fails to hold this support, a 15% drop could follow, bringing the price back into lower demand zones. Traders are closely watching Bitcoin’s movement as any major BTC sell-off could impact meme coins, including Dogecoin.

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For now, DOGE bulls are in control, but they must continue defending key levels to sustain the current uptrend. A decisive move in either direction will set the stage for Dogecoin’s next big move.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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