DOGE: This bullish pattern on the chart bodes well for the OG dog-themed coin
Dogecoin price has shown a clean breakout from a bullish pattern with high conviction. The uptrend so far was without any hurdles, but the meme coin is currently facing a significant barrier that is likely to prevent further move upwards.
However, a successful flip of this hurdle into a foothold could be the key to triggering a massive and exponential run-up for the OG dog-themed cryptocurrency.
The downtrend that occurred from 29 September, 2021, to 22 March was a blessing in disguise for the Dogecoin price action. This price action set up three distinctive lower highs and lower lows, which when connected using trend lines reveals the formation of a falling wedge pattern.
This technical formation forecasts a 34% upswing to $0.178, obtained by adding the distance between the first swing high and swing low to the breakout point at $0.132. On 24 March, Dogecoin price moved past the upper trend line of the falling wedge, denoting a breakout. Since then, the meme coin has rallied by 18% but the bullish momentum seems to have capitulated due to the presence of the 100-day Simple Moving Average (SMA) at $0.144.
Going forward, investors can expert Dogecoin price to consolidate under this hurdle. However, a successful flip of this resistance barrier into a support level will be vital for bulls to reach their forecasted target at $0.132.
After tagging the $0.132 target, there is a good chance DOGE will move sideways before taking on the next significant hurdle at $0.185 aka the 200-day SMA. If the momentum exhausts, the upside will be limited to this level, but if the bulls band together, there is a high probability DOGE will make a run at the volume point of control for 2021 and 2022 at $0.260.
This level will be a barrier that bulls
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