Dogecoin has broken the descending wedge pattern, with a price increase of 8.4%. Attention should be paid to trend reversal signals on the two-day chart, as well as the target price level of $0.28.

  • On its two-day chart, Dogecoin has constructed a descending wedge pattern, showing historical bullish signs that suggest a trend reversal.

  • The DOGE market has demonstrated purchasing power by increasing its price by 8.4% to the current value of $0.1719.

  • Based on the ongoing market momentum, DOGE may reach the resistance level of $0.28, indicating a potential price increase of 63%.





The attention of technical analysts on Dogecoin (DOGE) continues to heat up, as it has recently formed a descending wedge pattern within a two-day time frame. This pattern appears after a sustained price decline and is typically viewed as a signal that the market may turn bullish. Market observers have noted that Dogecoin has broken through the upper boundary of the descending wedge, which they see as an initial sign of a price breakout.



After reaching a peak at the end of 2023, Dogecoin has maintained a downward trajectory between two converging trend lines, forming a wedge pattern that indicates selling pressure is gradually weakening.

Historical data from price indicators suggest that wedge patterns occurring within a long-term downtrend typically indicate a potential bullish reversal, but two conditions must be met: increased trading volume and a price breakout above the wedge's resistance range.

With the intervention of buyers, the price has risen to $0.1719.

The current price of DOGE is $0.1719, up 8.4% in the last 24 hours, recovering to $0.173 after a low of $0.1577 during the day, indicating a significant increase in market momentum.

Recent price movements have formed a series of higher lows, further solidifying breakout expectations. Experts believe that confirming a breakout above the wedge's resistance level would signal the start of a new short-term trading cycle.





If the breakout continues, analysts set a target price of $0.28.

After a successful breakout, the resistance level for Bitcoin Cash may rise to the $0.28 range, representing a 63% increase from the current price. However, sustained buying pressure is needed to reach this resistance level, which has not been touched since January.

Altcoins rebound, with Dogecoin (DOGE) performing strongly

As risk-seeking investors return, Dogecoin (DOGE) shows signs of warming up, with the altcoin market also showing signs of recovery.

After executing a descending wedge trading strategy, it is important to closely monitor changes in trading volume and retests of key areas. While major trading institutions have not officially announced a trend reversal, interest from retail investors continues to grow.