Dogecoin (DOGE) The price has managed to undo last week’s gains but has yet to decline. Market participants can wait for DOGE price to initiate another rally to retest the previously unreached target.
Dogecoin Price Sets to Start Uptrend
Since May 3, 2021, Dogecoin price has set four low highs and five low lows, which when tied using trendlines result in the formation of a falling wedge. This technical formation is 75% higher to $0.216, which was determined by adding the distance between the initial swing high and low to the $0.123 breakout point.
On March 21, the price managed to break the upper trend line of the falling wedge of $0.123 and made 21%. However, various difficulties may occur in the second week of April. Despite a 28% increase, BTC’s unexpected decline has caused it to roll back on its gains.
All in all, Dogecoin is currently trading around $0.151, indicating a 42% upside is likely. Assuming DOGE manages to meet its targets, a local peak is likely to form around the high swing.
However, if purchasing pressure continues to increase, Dogecoin price It could extend as far as the $0.322 resistance level and push the overall gain to 113%.
On the other hand, a sudden collapse in the Dogecoin price may cause the entire setup to become completely ineffective. In such a scenario, a weekly candlestick near $0.11 would invalidate the bullish argument for the price.
In such a case, a weekly candlestick near $0.11 would be DOGE price would invalidate the ascension thesis. This development will pave the way for Dogecoin lows of $0.087, where marginal buyers or long-term investors can step in.
Dogecoin price has been making its own way by opposing the trends in the market lately, do you think the DOGE price will try to draw its own path again in the coming days and start an uptrend?
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.