Dogecoin Breaks Above Falling Wedge Pattern – Analyst Sets $0.43 Target

Dogecoin trades under the key levels after falling more than 10% after the bullish price action last night. The Meme Coin market continues to struggle and Dogecoin is no exception. Since the end of January, DOGE has not succeeded in recovering earlier highlights and consistently establishing lower prices every week. Investors grow cautiously because the sales pressure remains strong and prevent a meaningful recovery.

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Despite the recent decline, some analysts remain optimistic about the long -term perspectives of Doge. Top analyst Carl Runefelt shared a technical analysis of X, which shows that Doge recently went from a long -term falling wig pattern and now testing it again. Historically, falling wigbrox -breakouts have led to significant upward movements, provided that the outbreak is confirmed.

If Dogecoin retains above this key level and successfully confirms the outbreak, an enormous price movement could follow, which makes the Bearish trend possible reversed. However, not holding this level can lead to further falls, which pushes Doge into lower demand zones. The coming days will be crucial in determining the short -term direction of Dogecoin, while traders look out for confirming the outbreak or signs of another decline.

Investors continue to sell Dogecoin: Can this change?

Dogecoin is confronted with a crucial test while trying to break over the most important resistance without falling under critical demand levels. Bulls are now working on recovering lost territory that could ignite an important rally, but price action remains uncertain in the short term.

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The Meme Coin market has been an intensive sales pressure and Dogecoin has made an effort to ask a strong question despite several outbreak attempts. Investors pay close attention to signs of strength, but so far bulls have not generated the momentum that is needed for a long -term recovery.

Runefelt’s technical analysis reveals that DOGE has recently been broken from a long -term wedge pattern and is now being testing again. Historically, falling wig -breakouts have led to explosive price movements, provided that the breakout contains. Runefelt has set a target of $ 0.434 in the coming weeks if the outbreak remains intact.

Despite this bullish setup, however, there is no clear direction for the wider crypto market, as long as Bitcoin remains below the level of $ 100k. With BTC that leads for the entire industry, meme coins such as Dogecoin will probably follow the movements of Bitcoin. If BTC recovers the most important levels, Doge could experience a rapid price increase, but constant uncertainty in the market could limit upward potential.

Doge testing in the short term

Dogecoin has been traded at $ 0.21 in recent days after a strong rally of 33%. Bulls have been given a small advantage and push the price above the most important resistance levels. For Doge to maintain the momentum, however, it must retain above the critical $ 0.20 marking, which now serves as support in the short term.

If Bulls successfully recover $ 0.255 in the coming days, Dogecoin would see a considerable outbreak, which led to a massive recovery phase. A movement above this level would confirm a bullish reversal and possibly cause a further purchasing pressure, sending DOGE to higher resistance zones.

However, the market remains volatile and losing the $ 0.20 level can quickly reverse the recent profit. If DOGE does not retain this support, a decrease of 15% could follow, so that the price is brought back into lower demand zones. Traders look closely in the holes of Bitcoin’s movement, because any large BTC sale can influence meme coins, including Dogecoin.

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For now, Doge Bulls have control, but they must continue to defend the most important levels to maintain the current upward trend. A decisive movement in both directions will form the stage for the next big move of Dogecoin.

Featured image of Dall-E, graph of TradingView