Dogecoin price may push the coin back to previous lows
According to this model, the price target for Dogecoin could be $0.127, which would represent an almost 40% correction.
On the 8-hour technical chart, Dogecoin is showing signs of growth, but if you take into account the elongated candles, you can see that a bearish pattern is forming. Worse, investors may not have time to cancel it.
While Dogecoin's recent rise may indicate a rally to come, the longer-term timeframe suggests otherwise. The meme coin is currently stuck in a rising wedge. This bearish reversal pattern is characterized by converging trend lines pointing upward. It suggests a significant price decline, indicating weakening momentum.
According to this model, the price target for Dogecoin could be $0.127, which would represent an almost 40% correction.
However, if the price breaks the upper trendline resistance of this pattern or tests the $0.22 support level as a base, the bearish scenario will likely be canceled. In this case, Dogecoin will continue to rally towards $0.24 and above. #doge $DOGE