Dogecoin Price Confirms Retest With Broadening Wedge Breakout, Bullish Action To Send DOGE Above $1
The post Dogecoin Price Confirms Retest With Broadening Wedge Breakout, Bullish Action To Send DOGE Above $1 appeared on BitcoinEthereumNews.com.
The Dogecoin price seems to be in the early stages of a budding momentum with recent action in the past 48 hours. Particularly, a rebound has seen Dogecoin retesting the $0.34 price level in the past 24 hours. Notably, technical analysis of the Dogecoin price movement shows that the meme coin could now be gearing up for a remarkable move towards the $1 mark and beyond. Dogecoin Price Retest Confirms Broadening Wedge Breakout According to technical analysis, recent price action has seen Dogecoin complete a retest of a broadening wedge pattern. Notably, this interesting phenomenon was noted by crypto analyst Trader Tardigrade, who posted his analysis on social media platform X. The broadening wedge formation is a generally bullish pattern that is associated with a remarkable price surge. This formation is associated with increasing highs and a relatively straight bottom. In the case of Dogecoin, the broadening wedge pattern has been in formation over a multi-year timeframe since May 2022. Interestingly, Dogecoin’s performance in the last months of 2024 saw it breaking above the broadening wedge pattern. This breakout piggybacked upon a notable rally in October and November that eventually culminated in a short break above $0.48 in December. However, this break was short-lived, as Dogecoin went on a correction path in the last two weeks of December. As shown in the Dogecoin weekly candlestick timeframe chart below, this correction saw it retest the upper end of this broadening wedge. Nonetheless, Dogecoin bulls have managed to prevent further price declines, with the meme coin now completing a retest in the past 24 hours. With this in mind, crypto analyst Trader Tardigrade predicts that this development could pave the way for a significant rally, with Dogecoin potentially targeting new highs of up to $2.6 in the near future. Source: X Descending…
Filed under: News - @ January 3, 2025 7:26 pm