Dogecoin Forms ‘Monster Falling Wedge’ Pattern: What It Means
In an article on X today, crypto analyst Satoshi Flipper (@satoshiflipper) shared a daily Doge/USDT chart about Binance that highlights what he calls “monster drop wedges.” chart show Dogecoin’s price moves along two fusion trend lines – one is down from the coin’s nearest swing high and the other is down from the short-term low angle, forming a classic wedge-shaped structure.
Buy or sell dogs now?
According to the chart, Dogecoin is currently trading at $0.21-0.22, hovering above the lower boundary of the wedge. This trend line extends from the coin’s mid-December level (Dogecoin’s first-time decline trajectory) to its continuous lower lows, eventually near the apex in early March. Meanwhile, the upper boundary of the wedge connects a series of descending peaks from the coin’s local highs, including one in mid-January, tilting downward to the same apex area.
Technical traders often view “falling wedge” as Potential bullish reversal patternespecially when the merging phase is accompanied by volume reduction. The idea is that as the seller is exhausted, the buyer may start stepping near the support line of the wedge, which will push upwards the price momentum once the resistor line breaks.
Related Readings
In Satoshi Flipper’s chart, if Dogecoin can decisively surpass the top boundary of the wedge, a dotted arrow indicates bullish move. Although the cryptocurrency market is not guaranteed, the trajectory of this assumption ranges from the current price level of about $0.21 to $0.50 in late April. The chart also shows a noteworthy horizontal support area of the market, hovering around $0.10-0.15, which dates back to Dogecoin’s early base before the big run.
Meanwhile, the emotions of other crypto analysts on X seem to be split. Carlos Garcia Tapia (@cagthe3rd) warn He saw “H mode everywhere” and raised the potential backtrack before the next leg: “Sadly, it’s all cooked, Bois. Doji 14 cents:(“
In response to another user who is not familiar with the “H mode”, Tapia reiterates his possible views Move down. “Before the next match, almost the answer,” he said. “This is in stark contrast to Suzzy’s more optimistic position | defi (@suzzydefi), who Highlight A powerful wick, $0.19 – $0.20 support area:
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“A glance at Doge, I just found a solid wick, from $0.19-$0.20 to give me Serious bullish resonanceBuyers are stepping in, and if we see a green candle next, Doge may soon move towards a price above $0.25. ”
At press time, Doge’s trading price was $0.20635.
Featured Images created with dall.e, Charts for TradingView.com
