Dogecoin Price in Broadening Wedge Signals Potential Breakout
The Dogecoin price is experiencing consolidation after recent bullish activity. Profit-taking has slowed momentum, but the coin remains in a potential breakout position.
The Broadening Wedge Pattern
- Crypto analyst Gandalf Crypto notes Dogecoin is trading within a Broadening Wedge pattern.
- Price characterized by higher highs and lower lows indicates increased volatility.
- A breakout above $0.28 could signal continued bullish momentum.
- If the price falls below the lower trendline, it may head toward $0.2, indicating potential deeper correction.
Key Factors to Watch
- The resolution point within the Broadening Wedge pattern is approaching.
- A breakout would require sufficient volume to sustain momentum; target above $0.34 if successful.
- Lack of volume could cause price to fall back.
- A bearish scenario involves breaking supports from $0.24 to $0.22, invalidating bullish predictions.
