Dogecoin Forms Falling Wedge Pattern Near $0.15 Support

Dogecoin, a popular cryptocurrency, has recently formed a repeating falling wedge pattern near its support level of $0.15. This technical formation is significant as it often precedes a bullish breakout. The falling wedge pattern is characterized by a series of lower highs and lower lows, which converge to form a wedge shape. As the price approaches the support level, it often bounces back, leading to a breakout above the resistance level.

According to analysis prepared by Trader Tardigrade, Dogecoin has formed multiple falling wedges near support across several cycles. Each formation has been followed by a price increase. The current pattern shows three confirmed touches on support near $0.1369, with lower highs forming a descending resistance line. This technical structure is forming within a broader descending triangle, which in crypto often leads to breakouts. Tardigrade noted that Dogecoin appears to be coiling like a spring, pointing to a possible rally above $1 by late 2025.

Dogecoin remains in a volume-defined range between $0.15 and $0.23. Price has shown resilience within this structure, with long-term projections citing the next Fibonacci extension level near $1.09. The formation of this pattern near the support level indicates that Dogecoin may be preparing for a significant move. Traders and investors are closely monitoring the price action to determine if the cryptocurrency will break out of the wedge and continue its upward trajectory. According to the analyst's forecast, if Dogecoin successfully breaks above the resistance level of $0.23, it could potentially reach the $5 target. This would represent a substantial gain for investors who have held onto their Dogecoin during the recent price consolidation.

Recent data shows that DOGE trading volume recently increased to over $822 million in 24 hours. This trend suggests renewed interest from traders ahead of a possible breakout. The RSI is near neutral levels, and MACD indicators remain flat, which is common during periods of low volatility before larger moves. An observation noted that Dogecoin may be preparing for a “monster move,” with price targets between $1.09 and $5 in the coming months. The analyst cited a breakout scenario with 5x–6x potential, emphasizing the importance of current wedge formations. Analysts recommend watching for a breakout above $0.17 and sustained closes above $0.23 to confirm a bullish continuation.

The falling wedge pattern is a bullish reversal pattern that typically forms during a downtrend. It is a reliable indicator of a potential bullish reversal, and it has been observed in various financial markets, including stocks, commodities, and cryptocurrencies. In the case of Dogecoin, the falling wedge pattern has formed near the support level, indicating that the cryptocurrency may be preparing for a significant move. Traders and investors should closely monitor the price action to determine if Dogecoin will break out of the wedge and continue its upward trajectory. If the cryptocurrency successfully breaks above the resistance level, it could potentially reach the $5 target, representing a substantial gain for investors who have held onto their Dogecoin during the recent price consolidation.