$DOGE is supported by a bearish engulfing wedge pattern and is showing signs of a reversal.
If this support holds, we can expect an upward move that will lead the price towards higher resistance.
Key Observations
๐ Downtrend Channel: Price has been respecting this descending structure.
๐ Support Zone (~$0.23-$0.26): Price has bounced multiple times from this area.
๐ Lower Bound of Channel Touched: Potential for a relief rally.
๐ Expected Move: Blue arrow suggests a push toward the mid or upper range of the channel.
Potential Trade Setup
โ
Entry: Long near $0.25 if support holds & price starts forming higher lows.
๐จ Stop Loss: Below $0.23 to avoid breakdown risk.
๐ฏ Target 1: $0.30 (Mid-range of Channel).
๐ฏ Target 2: $0.35+ (Upper Bound of Channel).
โ ๏ธ Caution:
If price fails to hold $0.23, next major support is $0.20-$0.18.Need bullish confirmation (higher lows, strong volume) before entering.
