- Dogecoin price is on the sixth weekly candlestick that has failed to break out of the falling wedge pattern.
- As DOGE retests the $0.109 to $0.124 demand zone, there is a chance to re-establish the directional bias.
- A weekly candlestick close above $0.159 will invalidate the bearish outlook.
Dogecoin price has been in a bullish pattern for roughly a year and is struggling to break out. The attempts to breach this bullish setup have been ongoing for the sixth week. If successful, this moe could trigger explosive gains for early investors, but a failure could catalyze a steep crash.
Dogecoin price delays its move
Dogecoin price action has done nothing but slides lower for the last year as it dropped 85% from its all-time high of $0.740 to where it currently trades - $0.126. Interestingly, this moe south has created three lower highs and lower lows on the weekly time frame.
Connecting these swing points using trend lines describes a falling wedge pattern. This technical formation forecasts a 68% upswing to $0.217, obtained by adding the distance between the first swing high and swing low to the breakout point.
After six failed attempts, DOGE is back to retest the $0.109 to $0.124 weekly demand zone. Considering the bearish outlook of the crypto markets, this downswing could lead to a catastrophic crash if the dog-themed crypto shatters the $0.109 barrier.
Such a move could trigger a 30% pullback to $0.078, where buyers could come to the rescue. This move would invalidate the falling wedge’s bullish thesis. In a dire case, A breakdown of the $0.048 on a weekly time frame could be a pivotal moment.
This step could further trigger a 70% nosedive due to the fair value gap that extends from $.041 to $0.014.
DOGE/USDT 1-week chart
While things are looking on the fence for Dogecoin. a weekly candlestick close above $0.159 confirms a bullish breakout. This development will also invalidate the bearish thesis and trigger a move that retests the $0.217.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains
Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.
Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract
Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract. The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk
SEC sued crypto trading company Cumberland DRW for allegedly acting as an unregistered broker. Solana was among five cryptocurrencies the SEC alleged to be securities sold via the platform.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.