DOGE’s Price Could Soar 20% In July Due To Bullish Reversal Pattern

DOGE’s price could soar 20% in July due to a bullish reversal pattern that reached a profit target 79 out of a hundred times in its history so let’s read more today in our latest Dogecoin news.

Dogecoin looks ready to extend the rebound move despite the recent bearish market and there is a 79% chance DOGE will extend this move. DOGE’s price seems to have been painting a BARR bottom since May 11 which is a technical pattern that points to extended trend reversals on the bear market and consists of three phases, lead-in, bump and run.

The lead-in phase saw the price consolidating inside the narrow and sideways range which shows an interim bias conflict among investors. Then comes the Bump phase where the price drops and recovers sharply which leads to a price breakout. DOGE seems to be in the bump phase now, eyeing a breakout above the BARR bottom and the falling trendline resistance. The support DOGE breaks bove the said price ceiling and then as a rule of technical analysis, it will eye a new run towards the BARR origin level.

This puts DOGE’s price en route to $0.0941 or up 20% from June 27. The upside target coincides with the token’s 50-week exponential moving average and the BARR bottom met the profit target 79% of the time as per the investor Thomas Bulkowski. The pattern breakout stage often yields an average 55% rise which means doge has a chance of hitting $0.123. DOGE’s price could soar 20% and its run-up might not have it escape the bearish trend owing to a flurry of technical and fundamental factors.

From the technical perspective, DOGE’s price risks running in a bull trap trending upwards but the coin’s downside bias emerges due to the rising wedge pattern on the lower timeframe charts. DOGE has been in an uptrend inside the range defined by two ascending and contracting trendlines which makes a rising wedge. As a rule, the technical setup leads to a bearish reversal which is confirmed when the prices break below the wedge trendline, and as it does, the price can fall by the maximum distance between the upper and lower trendline.

DOGE’s rising wedge potential breakout falls within the $0.07 and $0.08 range so the token can fall even further if the wedge breakout pans out as intended. Fundamentals including the FED rate hikes and the reduction of the $9 trillion balance sheet, support the technical downside outlook.