Dogecoin Pokes Above Macro Falling Wedge Trendline Again

In an interesting turn of events, Dogecoin is starting to poke out of a macro falling wedge trendline that has constrained its price movement for the past two weeks. Notably, Dogecoin, which recently broke below the trendline, now finds itself peaking back up after a recent price increase to $0.11 in the past 24 hours.

One notable observer of this development is crypto analyst Kevin, who has been closely monitoring Dogecoin’s price behavior along this trendline. Kevin took to social media platform Twitter to share his insights, highlighting the significance of Dogecoin’s recovery and its potential to rise even further if the breakout above the trendline holds.

Dogecoin’s Price Action

Dogecoin’s price action has been full of back and forths since the middle of September. In a surprising move, many cryptocurrencies started to witness an influx of funds in September, and Dogecoin wasn’t left out. This surge in investment allowed the popular meme coin to embark on a strong upward rally, with its price surging past the $0.13 mark on September 29 for the first time in two months.

This impressive rally enabled Dogecoin to break out of the upper boundary of a multi-month falling wedge, a technical pattern typically associated with bullish reversals after prolonged downtrends.

However, the breakout proved to be short-lived. As October began, the market witnessed a broad correction, and Dogecoin quickly gave up most of its September gains. By October 3, the meme coin had retraced back below $0.105, which caused it to break below the trendline again.

Despite this correction, Dogecoin’s price has shown a slight recovery in the past 24 hours and is now trading around $0.11. This subtle increase has reignited hopes for a potential resumption of the bullish rally as the meme coin once again attempts to breach the upper trendline of the falling wedge pattern.

What’s Next For Dogecoin?

At the time of writing, Dogecoin is trading at $0.1094 and is up by 1% in 24 hours. Whether Dogecoin finally breaks out of the multi-month falling wedge or reverses will be determined in the next 24 hours or so. For a bullish scenario to fully unfold, Dogecoin bulls need to demonstrate further progress to the upside and break significantly above the upper boundary of the wedge.

A significant break above the trendline could cause Dogecoin to revisit $0.13 very quickly. The second option is a reversal to test the bottom trendline support at $0.085.

Conclusion

As the situation stands, the coming 24 hours will be crucial in determining the direction of Dogecoin’s price action. A breakout above the trendline could lead to a renewed bullish rally, while a reversal could signal further declines. Market enthusiasts and investors alike will be eager to see how this development unfolds.

FAQs

Q: What is the current price of Dogecoin?

A: At the time of writing, Dogecoin is trading at $0.1094.

Q: What is the significance of Dogecoin’s recovery in the past 24 hours?

A: The recovery has reignited hopes for a potential resumption of the bullish rally as the meme coin once again attempts to breach the upper trendline of the falling wedge pattern.

Q: What are the possible outcomes for Dogecoin’s price action in the coming 24 hours?

A: A significant break above the trendline could lead to a revisit of $0.13, while a reversal could signal a test of the bottom trendline support at $0.085.

Q: Who is analyst Kevin, and what is his take on the situation?

A: Kevin is a crypto analyst who took to social media platform Twitter to share his insights, highlighting the significance of Dogecoin’s recovery and its potential to rise even further if the breakout above the trendline holds.