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Dogecoin's Fourth Challenge of Descending Wedge, Will It Really Explode to $1 with a 445% Increase?
Technical indicators show that Dogecoin is about to complete the fourth descending wedge breakout. In technical analysis, a descending wedge is a bullish signal, indicating that the market trend may reverse. Its shape consists of two downward converging trend lines, suggesting that after a downward consolidation, the price is expected to break upwards.
Looking back at Dogecoin's history, every time a descending wedge breaks out, the price has shown an upward trend, with successive higher peaks. For instance, in November 2023, Dogecoin rose by 88% after breaking the descending wedge, reaching a price of $0.11. If this breakout is successful, Dogecoin's price is expected to surpass $1, and a new round of bullish market is highly anticipated.
In March 2024, Dogecoin broke the second descending wedge, with an increase of 208%, reaching a price of $0.22 - $0.25; in November of the same year, Dogecoin broke the third descending wedge, with the price soaring by 445%, temporarily touching $0.4. Based on these historical performances, it is expected that Dogecoin may once again break the descending wedge, with a potential rise from the current $0.2 to $1.5, representing an increase of 650%, continuing the previous strong upward trend.
Currently, Dogecoin is under downward pressure, with the price plummeting by 57%. However, according to analysis reports, this decline does not require excessive concern. Looking back at historical bull market cycles, Dogecoin has often rebounded quickly after declines exceeding 55%.
In the bull markets of 2017 and 2020, Dogecoin saw declines of 60% and 56% respectively, and after each significant drop testing key support levels, the price quickly rebounded and reached new highs. If this pattern continues, when Dogecoin tests key support levels again, it is highly likely to trigger the 2025 bull market.
#DOGE
Technical indicators show that Dogecoin is about to complete the fourth descending wedge breakout. In technical analysis, a descending wedge is a bullish signal, indicating that the market trend may reverse. Its shape consists of two downward converging trend lines, suggesting that after a downward consolidation, the price is expected to break upwards.
Looking back at Dogecoin's history, every time a descending wedge breaks out, the price has shown an upward trend, with successive higher peaks. For instance, in November 2023, Dogecoin rose by 88% after breaking the descending wedge, reaching a price of $0.11. If this breakout is successful, Dogecoin's price is expected to surpass $1, and a new round of bullish market is highly anticipated.
In March 2024, Dogecoin broke the second descending wedge, with an increase of 208%, reaching a price of $0.22 - $0.25; in November of the same year, Dogecoin broke the third descending wedge, with the price soaring by 445%, temporarily touching $0.4. Based on these historical performances, it is expected that Dogecoin may once again break the descending wedge, with a potential rise from the current $0.2 to $1.5, representing an increase of 650%, continuing the previous strong upward trend.
Currently, Dogecoin is under downward pressure, with the price plummeting by 57%. However, according to analysis reports, this decline does not require excessive concern. Looking back at historical bull market cycles, Dogecoin has often rebounded quickly after declines exceeding 55%.
In the bull markets of 2017 and 2020, Dogecoin saw declines of 60% and 56% respectively, and after each significant drop testing key support levels, the price quickly rebounded and reached new highs. If this pattern continues, when Dogecoin tests key support levels again, it is highly likely to trigger the 2025 bull market.
#DOGE
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