- Currently, the price of the Dogecoin is presenting the falling wedge formation on the daily chart, indicating an upward price movement.
- This analysis of Dogecoin shows that a daily close above $0.10 price could fuel the bulls and catapult the price to $0.15.
- The changes in the price of Dogecoin might be associated with market sentiment because of its relation to various linked fluctuations.
Analysts have recently turned to Dogecoin as they observe a significant formation on the daily chart. A falling wedge pattern is considered a bullish pattern and may signal that Dogecoin is about to surge. People are now paying attention to its price action, especially looking for a daily candle close above the $0.10 mark. In this case, it may be possible for it to trigger a bullish run towards the $0.15price level.
Falling Wedge: A Bullish Signal?
A falling wedge pattern is defined by lines that form a wedge that narrows as the price falls, indicating that the asset may soon reverse. In the case of Dogecoin, this has been exhibited in the lower highs and lower lows formation in the last few months. Falling wedge is typically considered as the indication of bearish weakness and if the price penetrates the upper trend line, an upswing is anticipated.
The daily chart shows four main price levels, which may be of importance for the price action. The first indication that Dogecoin is gearing up to enter a bullish phase could be a V-shaped crossover of the $0.10 level. If this level is broken, analysts recommend that the next major hurdle will be at $0.15. Nonetheless, further targets are given by other Fibonacci retracement levels obtained from the chart: short-term target is the 0.236 level around $0.103, while the 0.618 level near $0.153 can be considered as long-term objective.
Market Ethic and Broad Repercussions
If the price action of Dogecoin stays in the downtrend within the wedge, the breakout will not only indicate a possible rally in the altcoin itself. This means there is a possibility it might affect the rest of the altcoins. Cryptocurrencies tend to have a linked movement, and if Dogecoins’ price rises, it is expected to create positive sentiment to other cryptocurrencies.
Nonetheless, traders are advised to follow the trends carefully. Although falling wedge patterns have been shown to contain bullishness in the past, this does not mean that the upturn is sure to happen.
The post Is Dogecoin Gearing Up for a Surge? The $0.10 Price Level Could Hold the Answer appeared first on Crypto News Land.