Usman Salis
Dogecoin is drawing attention from traders as it trades within a broadening wedge pattern—a setup that typically precedes significant price movement. After completing six distinct waves within this formation, the cryptocurrency may be setting up for a decisive seventh move that could determine its near-term direction.
Current Technical Setup
According to analyst GandalfCrypto, DOGE has been printing higher highs and lower lows—the textbook signature of a broadening wedge. This pattern shows the market is coiling with increasing volatility, and price is approaching a resolution point where it will either break higher or reverse to support levels.
The chart reveals support holding firm around $0.2390–$0.2470, an area that absorbed selling pressure during the recent sixth wave. On the upside, resistance sits at $0.2740–$0.2800. If bulls can push through this zone with conviction, the next targets come into view at $0.3063 and potentially $0.34 based on Fibonacci extensions.
With six waves now complete, wave seven could be the catalyst. But confirmation through volume will be critical—without it, false breakouts remain a real risk.
Two Paths Forward
If DOGE breaks cleanly above the upper wedge trendline with solid buying volume, a rally toward $0.34 becomes plausible. That would represent a meaningful move and could attract momentum traders looking for continuation. On the flip side, if resistance holds or price breaks below $0.2390, the wedge structure breaks down. In that case, a retreat toward $0.22 or lower wouldn't be surprising.
Usman Salis
