Dogecoin (DOGE) has recently been hovering near the $0.10 mark, experiencing fluctuations as it encounters strong resistance near $0.11.
.10 Range and Hit New All-Time Highs?" >
Dogecoin (DOGE) price analysis reveals a bullish technical setup forming on the daily chart, known as a ‘falling wedge.’ This pattern is characterized by two converging downward trendlines that connect lower highs and lower lows. Falling wedges are typically considered bullish reversal patterns, indicating that despite the ongoing downtrend, the bearish momentum is gradually weakening.
This setup suggests that a breakout from the falling wedge is likely imminent, signaling buying pressure and a potential upward breakout. To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards.
The DOGE USD pair is currently trading at $0.104. If buying pressure sustains and breaks through key resistance levels, such as $0.115, the stage could be set for a broader rally heading into 2025.
Rising network activity, evidenced by a higher transaction count, and continuous whale accumulation, further bolster the bullish case for Dogecoin. Several analysts remain optimistic about DOGE’s long-term prospects.
Despite the recent sideways price movement, several analysts are bullish on Dogecoin due to whale accumulation, rising network activity, and favorable technical indicators. The memecoin recorded more than 1.93 million transactions in the past week, highlighting the growing interest in Dogecoin.
However, some traders may lose faith in DOGE’s potential due to the extended sideways trading range. But Zer0's analysis predicts that DOGE will likely trade sideways for a while before experiencing a significant rally, potentially breaking through previous all-time highs "like it's nothing" when the market reaches a tipping point.
According to Zer0's chart, DOGE is trading in a long consolidation pattern that typically precedes a significant breakout. The analyst adds that DOGE could be painting a potential breakout by late 2024, supported by the massive whale accumulation and increasing network activity.
This analysis is further supported by Kaleo's chart, which shows DOGE's price action aligning with a potential breakout from a falling wedge on the daily chart. Falling wedges are typically bullish continuation patterns, and a breakout from this wedge could signal buying pressure and a possible trend reversal.
If buying pressure sustains and breaks through key resistance levels, such as $0.115, the stage could be set for a broader rally heading into 2025.
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