Dogecoin Price Technical Setup Hints at Major Price Breakout – Here’s How High It Can Go
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
The Dogecoin price is probing a major resistance area, with the current technical set up hinting towards a major price breakout.
At least, that the view of X user Crypto Yapper, who thinks that Dogecoin has formed a falling wedge pattern.
$DOGE almost Breaking Out !
This Falling Wedge on the #DOGE daily chart is close to breaking Bullish
The break out target for #Dogecoin will be $0.20 pic.twitter.com/MoAQe1Xo6r
Crypto Yapper thinks that the Dogecoin price could quickly 2x to return to $0.20.
But many bulls would be targeting a retest of yearly highs in the $0.22s, which would mark a 120% rally from current levels around $0.1025.
A break above the aforementioned falling wedge structure would also coincide with a break above Dogecoin’s 50DMA.
That would signal a near-term momentum shift and that the bulls would have regained control.
Of course, the above hypothetical scenario is a big if.
Much will rest on how Wednesday’s Fed policy announcement impacts markets.
The Fed is expected to kick off a rate-cutting cycle for the first time since 2020. But markets are highly uncertain about how large that first rate cut will be.
There is now a 61% chance we will see a 50bps rate cut in the next FED meeting!
Bullish for #Bitcoin
