Dogecoin

Based

2024

For more than a week, <a href="https://coingape.com/bitcoin-price-regains-70000-memorial-day-rally-in-play/" rel="noopener noreferrer nofollow">Bitcoin’s</a> price consolidation above $67,000 has supported modest recovery trends across major altcoins. DOGE, the largest meme cryptocurrency, is also exhibiting a similar pattern as it struggles to break through the $0.174 barrier. An examination of the daily chart reveals that the sideways movement in Dogecoin price is governed by a rising wedge pattern, which typically precedes a directional trend following a breakout.
Also Read: <a href="https://coingape.com/trending/dogecoin-and-other-dog-based-meme-coins-bullish-outlook-for-june/" rel="noopener noreferrer nofollow">Dogecoin and Other Dog Based Meme Coins Bullish Outlook For June</a>
<h2 id="b-will-doge-surge-past-the-0-171-resistance-zone-b">Will DOGE Surge Past the $0.171 Resistance Zone?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/z/ztOgZ4VS.png" alt="BINANCE:DOGEUSDT Chart " width="1946" height="893">
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 Dogecoin Price| Tradingivew
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Over the past three weeks, the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">Dogecoin price</a> has witnessed a slow yet steady recovery trendline under the influence of a rising wedge pattern. The two converging trendlines of this chart setup act as dynamic resistance and support to squeeze the coin in a narrow range.
Moreover, a renowned trader Alichart has highlighted a significant resistance zone for Dogecoin (DOGE) between $0.166 and $0.171. According to his analysis, approximately 75,500 addresses have accumulated nearly 10 billion DOGE within this price range, creating a substantial barrier to upward momentum.
<blockquote class="twitter-tweet">
 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a>. However, once this barrier is overcome, <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> has the potential to double, with the next key resistance around $0.322 <a rel="noopener noreferrer nofollow" href="https://t.co/p02Cks63EI">pic.twitter.com/p02Cks63EI</a>
 — Ali (@ali_charts) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ali_charts/status/1795424617244299538?ref_src=twsrc%5Etfw">May 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Currently, Dogecoin (<a href="https://coingape.com/dogecoin-price-braces-for-rally-to-0-32-as-whales-scoop-10b-doge/" rel="noopener noreferrer nofollow">DOGE</a>) is trading at $0.163 and is nearing the apex of a wedge pattern, indicating that a breakout may be imminent. A successful breach of the overhead resistance level could significantly boost the recovery momentum, offering buyers solid support to propel a more substantial rally.&nbsp;
Additionally, analysis from Alichart suggests that surpassing this resistance could potentially lead to Dogecoin’s price doubling, targeting the next critical resistance at $0.322.&nbsp;
However, potential intermediate resistance levels at $0.21 and $0.25 could pose challenges to the anticipated rally.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The coin price trading above daily EMAs (20, 50, 100, and 200) indicates the path to least resistance if up.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope falling back to 50%-midline suggests a neutral sentiment among market participants.</li>
</ul>
The post <a href="https://coingape.com/markets/is-dogecoin-price-heading-to-0-2-rising-wedge-pattern-signals/" rel="noopener noreferrer nofollow">Is Dogecoin Price Heading to $0.2? Rising Wedge Pattern Signals Imminent Move</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Dogecoin Price Heading to $0.2? Rising Wedge Pattern Signals Imminent Move

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