Peter Smith
Dogecoin (DOGE) might be setting up for a nice pump as it's forming what looks like a falling wedge pattern on the charts. This is generally a bullish signal that often leads to some solid upward price action, and traders are definitely paying attention.
Falling Wedge Could Signal DOGE Breakout
Right now, DOGE is sitting at $0.2243 with a small daily gain of +0.52%. The price has been creating this falling wedge pattern – basically, both the highs and lows are trending down but converging toward each other. This usually means a breakout is coming soon.
The key Fibonacci levels to watch are:
- 0.786 Fib: $0.2287
- 0.618 Fib: $0.2392
- 0.5 Fib: $0.2469
- 0.382 Fib: $0.2549
- Target (0.236 Fib): $0.265
DOGE Could Rally to $0.265
If this falling wedge plays out like it's supposed to, DOGE could break upward and hit that $0.265 target – that's about an 18% gain from current levels. The breakout needs to happen with decent volume though, otherwise it might just be a fake-out.
But here's the thing – if DOGE fails to break out of this wedge, it could drop back down to support levels around $0.2159 or even $0.2007. So it's definitely a make-or-break moment for the meme coin.
The next few days should be pretty telling for DOGE holders. Either we see a solid breakout toward $0.265, or the pattern fails and we're looking at lower prices. Keep an eye on that upper wedge resistance – that's where the magic needs to happen.
Peter Smith
