Dogecoin

bullish

Bitcoin

Shiba Inu

Dogecoin price remained in a bear market after falling by over 55% from its highest level this year.&nbsp; 
Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a>), the biggest meme coin in crypto, was trading at the important support level of $0.10 on Aug. 20, just above the lowest level this month. 
This performance has occurred as the meme coin industry undergoes significant changes. Demand for traditional coins like DOGE and Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" target="_blank" rel="noreferrer noopener">SHIB</a>) has fallen as traders have focused on new and viral tokens like Dogwifhat (<a href="https://crypto.news/price/dogwifhat/" target="_blank" rel="noreferrer noopener">WIF</a>) and Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">PEPE</a>). 
Data shows that Dogecoin, with a market cap of over $14.7 billion, had a 24-hour trading volume of $741 million. In contrast, Pepe, with a valuation of $3.2 billion, had a volume of over $1 billion. 
Dogecoin’s demand has also declined in the futures market, where its open interest of almost $500 million is much lower than the year-to-date high of $2.2 billion. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14292806"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/dogecoin-open-interest-2.jpeg.webp"> 
 <img loading="lazy" decoding="async" width="2684" height="723" src="https://crypto.news/app/uploads/2024/08/dogecoin-open-interest-2.jpeg" alt="Dogecoin open interest"> 
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 Dogecoin open interest | Source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="">CoinGlass</a>
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Still, on the positive side, DOGE’s hash rate has <a href="https://www.coinwarz.com/mining/dogecoin/hashrate-chart#:~:text=The%20current%20Dogecoin%20hashrate%20is,all%20time%20Dogecoin%20historical%20hashrates." target="_blank" rel="">continued rising</a> and was at a record high of 1.2580 PH/s, up from January’s 818 TH/s. The mining difficulty has also jumped to an all-time high of 23.12 million.&nbsp; 
<h2 class="wp-block-heading" id="doge-price-has-formed-a-falling-wedge">DOGE price has formed a falling wedge</h2> 
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Dogecoin-Price-1024x568.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="568" src="https://crypto.news/app/uploads/2024/08/Dogecoin-Price-1024x568.png" alt="Will DOGE's rare price pattern lead to a big breakout? - 28"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Dogecoin price chart | Source: <a href="https://www.tradingview.com/symbols/DOGEUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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On the weekly chart, Dogecoin has been in a consolidation phase for over 13 months, with a strong bullish breakout that peaked at $0.2274 in March as Bitcoin and other coins soared. 
On the positive side, the accumulation/distribution indicator has risen and is hovering at its highest point since April 2022, even as the coin fell by over 50% from the year-to-date high. 
Additionally, DOGE has formed a rare falling wedge pattern, which occurs when two trendlines converge. Typically, this pattern signals a bullish breakout when the two lines converge, which is about to happen. 
Therefore, this pattern suggests that the coin may soon experience a bullish breakout. If this occurs, DOGE could rise to the key resistance point at $0.1587, its highest swing in October 2022. This price target is about 56% above the Aug. 20 level. 
 You might also like: <a href="https://crypto.news/bitcoin-price-stuck-in-range-as-2-charts-signal-big-breakout/"> Bitcoin price stuck in range as 2 charts signal big breakout </a>

Will DOGE’s rare price pattern lead to a big breakout?

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