- Dogecoin price sees healthy moves as the original meme coin moves beyond the declining wedge’s topside trend-line.
- A significant move past $0.139 will authorize a breakout and trigger a 68% upsurge towards $0.234.
- A weekly candle closing beneath $0.078 will annul the plunging wedge plus DOGE’s bullish case.
Dogecoin (DOGE) traverses a popular bullish setup, breaking out of which might lead to explosive returns for early investors. The meme token seems close to a breakout before uptrends, following four weeks of failed attempts.
DOGE Ready for Breakouts
Dogecoin has witnessed downward actions for nearly one year, losing approximately 85% from its $0.740 all-time high. The plunging phase had the altcoin setting a swing low near $0.109 late in February, suggesting an end of the seller’s regime.
Meanwhile, the southward move saw DOGE forming three unique lower lows and lower highs, revealing a falling wedge setup when connected with trend lines. The technical pattern predicts a 68% surge towards $0.235, determined by measuring the range between the initial swing high and low and adding to the breakout zone.
So far, the alt has gained 3% only but hovers outside the declining wedge. Furthermore, this action developed after DOGE rebounded from the weekly demand territory at $0.109 – $0.124. therefore, buyers accompany the resulting uptrend.
Meanwhile, maintaining this momentum will likely push Dogecoin towards the initial obstacle near $0.159. overcoming this challenge will be another authorization of the surge. That would put the token on the road towards the $0.235 target. Some scenarios can see the alt extending the upsurge towards the $0.351 equal highs, translating to a 160% total surge from its current level at $0.136.
Supporting DOGE’s bullish narrative is the 365-MVRV. The on-chain metric measures the losses/profits of buyers that bought Dogecoin within the previous year. Santiment’s research concluded that values beneath -10% to -15% show short-term holders at losses and likely to sell. Meanwhile, long-term investors accumulate amid such conditions.
Dogecoin’s MVRV touched -59% local bottom and hovered near -39%, showing an oversold situation for the token, and while an uptick is logical.
A weekly candle closing beyond $0.159 will confirm an upsurge and catalyze a move towards the targeted $0.235. That would translate to an 80% surge from the $0.131 current position.