Fun

Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target

News Feed - 2024-11-19 12:11:24

Este artículo también está disponible en español.


Dogecoin (DOGE) is consolidating below local highs after an impressive 200% surge over the past two weeks. As the biggest meme coin by market capitalization, DOGE has again captured the spotlight, leading the market with its explosive performance. 


Top analyst and investor Carl Runefelt recently shared a technical analysis on X, highlighting Dogecoin’s breakout from a bullish pattern. Runefelt emphasized the potential for DOGE to sustain its upward momentum, citing increased demand and positive market sentiment as key drivers. He also shared a short-term price target, suggesting further upside in the coming weeks. Related Reading Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours – Consolidation Phase Ahead? 1 day ago


Dogecoin’s ability to rally while consolidating above critical support levels demonstrates its resilience and growing popularity. The coin’s strong market presence, driven by community support and investor interest, positions it as a major contender for continued growth. 


As DOGE consolidates its gains, the coming days will determine whether it can maintain its momentum and climb higher. With analysts predicting further bullish price action, all eyes remain on Dogecoin as it continues to strengthen the meme coin market. Dogecoin Leading The Meme Coin Fever


Meme coins have been standout performers in the past few weeks, with several outpacing traditional altcoins regarding gains and market enthusiasm. Among them, Dogecoin has taken center stage, showcasing impressive growth and sparking euphoric sentiment across the crypto community. Its recent rally has reignited interest in the meme coin sector, with many speculating about the next phase of its bullish momentum.


Top analyst and investor Carl Runefelt recently shared a compelling technical analysis on X, highlighting Dogecoin’s breakout from a falling wedge pattern to the upside. This pattern, often seen as a bullish reversal signal, has led Runefelt to set a price target at $0.4385—the top of the wedge. If this projection materializes, DOGE could see an additional 18% rise in the coming days, solidifying its leadership among meme coins. Dogecoin breaking out of falling wedge pattern | Source: Carl Runefelt on X


However, despite the optimistic outlook, risks remain. Runefelt noted the possibility of a fakeout, where the breakout could fail, leaving bulls vulnerable as Dogecoin continues its current consolidation phase. This could lead to short-term volatility, with traders closely watching for confirmation of sustained momentum or signs of a potential pullback. Related Reading Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation 1 day ago


For now, Dogecoin’s strong performance and clear bullish pattern make it a key asset to watch, with excitement and caution shaping investor sentiment. DOGE Testing Crucial Levels


Dogecoin is trading at $0.371, marking its highest level since May 2021 and signaling a resurgence in bullish sentiment. The price recently retraced from local highs set last Tuesday, yet DOGE appears ready to keep pushing upward as it tests crucial demand levels. These levels are critical for establishing a foundation to fuel a move toward new highs, potentially reigniting excitement among meme coin enthusiasts. DOGE testing crucial liquidity at $0.37 | Source: DOGEUSDT chart on TradingView


The retracement is a healthy pause following DOGE’s impressive rally over the past two weeks. Traders and analysts closely monitor the price action, as a successful hold above these demand levels could act as a springboard for the next leg up. However, caution remains as the broader crypto market looks to Bitcoin and Ethereum for direction. Related Reading Solana Breaks Above Key Resistance At $225 – ATH Next? 1 day ago


The market awaits confirmation of Bitcoin and Ethereum’s continued bullish momentum to solidify the next phase of the broader rally. Without this, DOGE could face further consolidation, leading to sideways trading as investors assess market conditions.


Featured image from Dall-E, chart from TradingView

News Feed

Biggest Movers: RUNE and THETA Fall by Over 10% on Monday
Biggest Movers: RUNE and THETA Fall by Over 10% on Monday THETA and RUNE are trading over 10% lower to start the week, as recent declines in the crypto market extended during Monda
Soldex Signs Long Term Partnership With Speqto Technologies
Soldex Signs Long Term Partnership With Speqto Technologies sponsored Soldexis thrilled to announce that it has officially partnered with Speqto Technologies to accelerate the devel
Committee Advises SEC to ‘Aggressively Assert Authority’ Over Crypto — Says Virtually All Crypto Tokens Are Securities
Committee Advises SEC to "Aggressively Assert Authority" Over Crypto — Says Virtually All Crypto Tokens Are Securities The U.S. Securities and Exchange Commission’s Investo
Bahamas Regulator Disputes FTX’s Claim About Value of Seized Cryptocurrencies
Bahamas Regulator Disputes FTX"s Claim About Value of Seized Cryptocurrencies The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocu
Veve Partners With Marvel to Drop Limited Edition NFT Covers Featuring Spider-Man, Black Panther
Veve Partners With Marvel to Drop Limited Edition NFT Covers Featuring Spider-Man, Black Panther On August 29, the digital collectibles company Veve announced that the platform has
Panamanian Lawmakers to Hold Discussions on Regulating Cryptocurrencies in the Country
Panamanian Lawmakers to Hold Discussions on Regulating Cryptocurrencies in the Country Panamanian lawmakers will start to analyze a draft bill that seeks to regu
Cardano Might See A Massive Pump Around November 18 – Analyst Exposes 2020 Similarities
Este artículo también está disponible en español. The crypto market is heating up, with Bitcoin on the brink of all-time highs and anticipating a major breakout across as
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets TheBitcoin.comTeam is excited to announce support for shared (multisig) wallets for Bitcoin and Bitcoin Cash in theBit
European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023
European Union Presents Project to Fight Counterfeiting by Using NFTs for 2023 The European Union (EU) is working on a project that involves blockchain architecture and the use of
Riot Platforms boosts Bitfarms stake with $2.28M share acquisition
Amaka Nwaokocha10 minutes agoRiot Platforms boosts Bitfarms stake with $2.28M share acquisitionRiot Platforms continues navigating its complex relationship with Bitfarms while expanding its operations.51 Total viewsListe
Dropping GBTC Premium: Anonymous Group Claims Blockfi Facing Solvency Issues Due to Exposure to the BTC Trust
Dropping GBTC Premium: Anonymous Group Claims Blockfi Facing Solvency Issues Due to Exposure to the BTC Trust An anonymous group has claimed that Blockfi, which
Marcel Pechman4 hours agoInterest rate hikes may pause very soon — Here’s whyThis week, The Market Report discusses Bitcoin’s recent price action and the upcoming FOMC meeting, where some speculate interest rates m