Big drop and reversal? The market focuses on Dogecoin (DOGE): Can it break through $0.128?
Recently, the market performance of Dogecoin (DOGE) has attracted widespread attention. Dogecoin price has been trying to move higher since April but recently broke out of a falling wedge pattern. Although this pattern is often considered a bullish reversal signal, there is still uncertainty about whether Dogecoin will be able to recover smoothly, especially since the actions of large wallet holders have a significant impact on the market.
Currently, the price of Dogecoin is back at $0.112 amid a battle with bears. The next key resistance is at $0.116, above which Dogecoin will move back into a falling wedge bullish reversal pattern. According to the model of Jinqu/njiawei: btc0877, the target price of Dogecoin is $0.220, which will bring an increase of 74.46%. However, given the current market environment and selling pressure from large wallet holders, this goal will be difficult to achieve.
Whether Dogecoin can break above the $0.128 line will be key to whether the bullish pattern can be verified. If the breakout is successful, Dogecoin is expected to rise further; however, if it fails, the price could fall to $0.116 again, with further losses invalidating the bullish argument and bringing Dogecoin price back to current levels.
