Dogecoin (DOGE) Price Poised for Significant Upward Movement Before the End of August

Dogecoin (DOGE) price and major cryptocurrencies are poised for significant upward movement before the end of August as liquidity increases in anticipation of

Dogecoin (DOGE) price action is displaying bullish signs as major cryptocurrencies prepare for an upward trend. The anticipation of the annual Jackson Hole Symposium in Wyoming is driving liquidity into the market. Investors are expecting Jerome Powell, the Fed Chair, to announce the central bank’s commitment to reducing interest rates starting in September, along with outlining the general economic policy.

Here’s what traders need to know about Dogecoin price and the critical levels to watch for potential entries and exits.

Dogecoin Price Market Movers: 72.5% Holders In Profit, Whales Show Growing Interest

Dogecoin price soared by 2.8% in the last 24 hours, reaching an average trading price of $0.107. The meme coin encountered resistance at $0.11, preventing further gains. However, DOGE price is displaying bullish signs on the 4-hour chart, indicating a potential breakout.

The 20-day EMA is providing short-term support for Dogecoin price at $0.106, which is crucial for the bulls to maintain. A 4-hour candlestick closing below this level will invalidate the bullish outlook.

After defending the support at $0.1 throughout early August, Dogecoin price consolidated below the resistance at $0.11. The meme coin encountered two lower highs and three lower lows as it corrected from the March peak of $0.2288. Connecting these price points with trendlines forms a falling wedge.

The falling wedge pattern is confirmed when the price breaks out above the trendline resistance, ahead of a potential 71.5% breakout to close the gap to $0.2.

To determine the target, traders measure the distance between the first swing high and low and append it to the breakout point. For stop-loss placement, traders can consider placing it below the trendline for risk management.

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