Dogecoin Price Eyes Major Reversal After Falling Wedge Breakout

Dogecoin price remains above the $0.19 support level as bulls struggle to regain momentum. Over the past 24 hours, DOGE rose by 2% to $0.195, mirroring a broader 1.53% increase in the crypto market. The rise is attributed to factors such as institutional ETF momentum, signs of technical accumulation, and growth in the mining ecosystem, all contributing to the slight recovery seen in Dogecoin's price action.

Dogecoin Shows Potential for a Bullish Breakout 

Dogecoin's price action is showing promising signs as it attempts to break out of a falling wedge pattern on the 4-hour chart. After bouncing from a key support zone, the cryptocurrency is positioning itself for a potential upward movement. If the trend continues, this could mark the beginning of a bullish rally for DOGE.

In addition to this, Dogecoin is maintaining its position within an ascending channel on the 2-hour chart. The cryptocurrency is demonstrating a steady upward trajectory, supported by higher lows and a clear price range. This technical structure indicates that Dogecoin is in a phase of consolidation with a potential for growth.

If Memecoin successfully emerges from the falling wedge and continues within the ascending channel, it could lead to further bullish momentum in the coming hours.

Whale Activity in Dogecoin Surges

In the past 24 hours, there has been an increase in Dogecoin purchases by large investors. These influential market players have collectively acquired over 107 million during this period, resulting in a noticeable increase in the cryptocurrency’s value.

This sudden surge in transactions has caught the attention of the crypto community, as whales tend to influence market trends due to their large scale buying power.

Is DOGE Price Poised for a Breakout Soon?

The latest DOGE price was $0.19443, reflecting a modest 2% increase at the time of writing. The meme coin price has experienced a volatile pattern in recent weeks, fluctuating between key resistance levels at $0.22 and $0.25, while finding support near $0.18. 

Source: DOGE/USD 4-hour chart: Tradingview

The Moving Average Convergence Divergence (MACD) line is currently below the signal line, suggesting a mild bearish sentiment in the short term. 

The Relative Strength Index (RSI) sits at 50.21, indicating a neutral market sentiment, with neither overbought nor oversold conditions.

If DOGE manages to break above the $0.22 mark, it may face resistance around $0.25. On the other hand, a break below the support level at $0.18 could lead to further declines, with potential targets near $0.15, as the market may test lower support zones.