Current Price Action and Falling Wedge Pattern
As observed, Dogecoin is currently testing a significant support level around 10 cents. This level has been crucial as Dogecoin approached the resistance of the falling wedge pattern but has since retraced and is now re-testing the support.
Key Observations:
• Support Testing: The price is very close to the support of the falling wedge pattern but failed to reach the resistance level, leading to a drop.
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• Resistance Levels: The previous resistance level of 12 cents remains a key area of interest.
• Potential breakout target: $0.22, which is the top of this wedge.
Recent Breakouts and Technical Targets
Massive Breakout on the 7-Day Time Frame
Dogecoin has experienced a substantial breakout from a long-term falling wedge pattern. This breakout was accompanied by a significant rally. Here’s a breakdown of what we saw:
• Price Surge: After the breakout, Dogecoin’s price surged by over 1,631%, reflecting a very powerful move.
• Resistance and Rejections: Despite this rally, the price encountered resistance at 2.5 cents, which had previously acted as support.
Descending Triangle Breakout
Alongside the falling wedge breakout, Dogecoin also broke out of a large descending triangle. This adds another layer to the technical analysis.
Long Term Resistance and Targets
For a broader perspective, if we break out of the falling wedge pattern, we could see Dogecoin targeting levels between 77 to 80 cents. Here’s what to watch for:
• Resistance at 12 Cents: This level has been a strong resistance and will be crucial in the upcoming price action.
• Final Target: The final target for the breakout from the falling wedge pattern stands at around 77 to 80 cents.
