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In recent weeks, the most popular meme cryptocurrency Dogecoin (DOGE) has been surrounded by hype regarding a bullish falling wedge pattern forming on its price chart.
Since the beginning of March, when the so-called “meme coin king” reached its yearly high of $0.2288, it has lost over 62%, and only in early September the downtrend seems to have stopped at $0.8893 per DOGE. What’s more important is that during its decline, the price of the meme coin formed a bullish wedge pattern, creating a dynamic range with significant price resistance and support levels.
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There have been two attempts to break out of this structure, in May and July, but both failed. This month, the price of Dogecoin made another attempt to break out of the pattern, and this time it seemed to be all set for success.
However, things did not turn out so sweet for DOGE, as the result of this march toward dynamic support was the denial and the fall of the price of the meme coin by over 3.2%.
Two hands, one DOGE
On the one hand, it is okay that this important level was not crossed at the first attempt. After all, it is the sellers who decided to sell their DOGE holdings at this price level. Even the decline is not that dramatic, and all in all, this pullback further confirms the pattern.
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On the other hand, the sellers are still here, and now it’s necessary for Dogecoin, or to be more precise, DOGE bulls, to show a stronger will to break out of this structure. If we get the right reaction to the resistance, Dogecoin may finally deliver a festival of green candles to every enthusiast of the popular meme coin.
