DOGE Signals Bottoming Out As It Rebounds 30% In Two Weeks

DOGE signals bottoming out and rebounded 30% in two weeks while its price could increase by more than 150% on a classic bullish reversal setup that is known as the falling wedge so let’s read further in our Dogecoin news.

A major correction witnessed in the DOGE market between May 2021 and February 2022, saw the price dropping by a whopping 85% and it seems to have come to a halt this month. DOGE experienced a strong dip-buying when the price dropped to levels of $0.10 from two weeks ago and resulted In a 30% rebound move to $0.14. in the meantime, the coin’s upside retracement originated at a support level which formed a falling wedge setup which signals an extended bullish reversal in the weekly sessions ahead. This pattern occurs once the price trends lower and fluctuate between two downward sloping trendlines.

In a good scenario, the setup results in the price breaking out of the range to the upside and increasing by as much as the maximum distance between the upper and lower trendlines.DOGE signals bottoming out and its rebound from the lower trendline two weeks ago opens up possibilities to continue the move upside to the upper trendline to $0.18. as such, the breaking above the trendline exposes DOGE’s price rise to $0.37 or up by 150% from today’s price.

Veteran investor Tom Bulkowski saw a falling wedge as poor performance when it came to predicting the bullish patterns and noted that their failure is quite high with the average price being low.
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He cited a study of 800 trades which shows the possibility of the falling wedge breakout meeting a bullish target near 62%. DOGE’s track of the record is showing a period of positive correlation with BTC and can limit the bullish bias if BTC drops because of the ongoing geopolitical tensions.

The senior strategist Mike McGlone of Bloomberg noted that BTC Could even drop to as low as $30,000 due to the strong correlation with the US Stock market but he maintained that the BC price can recover from its bearish crash to hit $100,000 in the long-term. Dogecoin’s latest rebound move eyes a quick run-up to $0.15 which is a range between three psychological resistance levels. A strong pullback accompanied by the rise in volume from the resistance levels cold has DOGE test the $0.10 line as an interim downside target.