Analyst Explains What Could Start A New Rally for Dogecoin To $0.15
An expert said that Dogecoin's Falling Wedge pattern may break, triggering a bull movement.
A falling wedge has moved Dogecoin. Recently
X analyst Ali Martinez examined a recent Dogecoin 1-day price trend in a new piece. Technical analysis (TA) calls the pattern the âFalling Wedgeâ.
Wedge patterns form when asset prices consolidate between two converging trendlines with distinct slopes and inward angles. The consolidation pattern is Falling or Rising depending on its direction.
The upper and lower lines of a Falling Wedge pattern link lower price highs and lows, respectively. In a Rising Wedge, the top line joins higher highs and the lower one higher lows. Like past TA consolidation patterns, the higher line may continue to oppose and the lower one support.
A break out of either trendline may indicate a continuation of the pattern. Wedges are formations that lead to reversals, thus a break in the other direction may be more probable.
Dogecoin has been consolidating downward in recent months, suggesting a Falling Wedge pattern. Ali's graphic shows this configuration.
As seen in the graph, Dogecoin has lately retested the bottom line of this Falling Wedge pattern and found support. Thus, DOGE may rise near the upper trendline.
Before retesting the top line, the coin may need to cross the 0.236 Fibonacci Retracement level. Fibonacci Retracement levels use ratios from the famous series.
These levels represent drawdown percentages between two established levels. In this example, Ali started these levels from the top of the Falling Wedge (100%) or 1.
Dogecoin may climb above $0.15 if it can hold a closing above $0.10 (the 0.236 Fibonacci Retracement), according to the researcher.
As of now, a memecoin run would boost its price by 53%. How DOGE evolves in the next days and if it can continue a similar trajectory is unknown.
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