Share:
  • Dogecoin price is traversing a rising wedge formation, suggesting a short-term correction on the horizon.
  • A breakdown of the lower trend line is likely to result in a retest of the $0.235 support floor.
  • A bounce from this barrier will likely propel DOGE by 50% to the range high at $0.352.

Dogecoin price has been on an uptrend for roughly a month, but the ascent seems to have evolved to a pattern that hints at a correction. Therefore, investors need to be aware of a short-term pullback for DOGE, which eventually results in a 50% climb.

Dogecoin price prepares for massive uptrend

Dogecoin price created three higher lows and two higher highs as it rallied 44% from September 29. Connecting trend lines with these swing points reveals the formation of a rising wedge. This technical formation forecasts a 19% descent to $0.207, obtained by adding the distance between the first swing high and swing low and adding it to the breakout point at $0.256.

However, investors can expect Dogecoin price to stabilize around the $0.236 support floor. The profits from the meme coin investors are eventually going to cycle to other dog-themed cryptocurrencies, out of which Dogecoin is a strong contender. Therefore, a potential spike in buying pressure around this barrier will likely trigger an uptrend for DOGE.

If this run-up manages to climb past the 50% Fibonacci retracement level at $0.273, it will confirm the start of a bull rally. In such a case, Dogecoin price will retest the $0.30 barrier followed by the range high at $0.352.

This ascent from $0.236 to $0.352 will constitute a 50% move.

DOGE/USDT 1-day chart

DOGE/USDT 1-day chart

While things are looking dull for the meme coin, a breakdown of $0.236 will indicate weakness among buyers. If the resulting retracement falls below $0.225, the bullish thesis will face invalidation as it would create a lower low.

In this situation, Dogecoin price will retest the intended target at $0.207 and, in a bearish case, the range low at $0.194.

 

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network

Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network

In a March 22 announcement, Coinbase revealed intentions to support Arbitrum’s upcoming native token, ARB, by listing it for trading on the largest cryptocurrency exchange in the United States. The disclosure was bountiful, featuring several other details for Arbitrum users.

More Cryptocurrencies news

TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws

TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws

TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.

More Tron News

ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch

ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch

ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.

More Apecoin News

Dogecoin Price Forecast: DOGE coils up for an upswing as alt season clocks in

Dogecoin Price Forecast: DOGE coils up for an upswing as alt season clocks in

Dogecoin price has heeded the invite to the alt season to trade with a bullish inclination and record more gains for investors. Despite overhead pressure due to multiple supplier congestion zones, DOGE bulls have put the right foot forward and now the meme coin is preparing for another northbound move.

More Dogecoin News

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge. 

Read full analysis

BTC

ETH

XRP