[As Dogecoin approaches $0.10, wedge pattern breakout targets $0.14419]
While Bitcoin price stalls near $55,000, the altcoin market remains in a corrective trend, with Dogecoin currently in a descending wedge pattern poised for a breakout rebound. Since reaching a high of $0.22899 on March 28, 2024, Dogecoin price has fallen to $0.08049, a drop of 64.85%.
Recently, Dogecoin gained 6.72% to hit $0.09865, almost erasing its previous decline of 5.96%. Analyst Ali Martinez said that if Dogecoin can sustain a close above $0.10, it could trigger a bullish rally with the target rising to $0.15.
Technical analysis shows that the MACD indicator is close to forming a bullish crossover with potential resistance at $0.10161. If it breaks out of the falling wedge pattern, Dogecoin could test the resistance levels at $0.12273 and $0.14419. On the other hand, if the price declines, key support levels lie at $0.08015 and $0.05903.
