Dogecoin (CRYPTO: DOGE) has faced significant selling pressure and uncertainty in recent times, particularly as meme coins have struggled to gain momentum amidst the broader crypto market volatility.

What Happened: Top crypto analyst Carl Runefelt, also known as "The Wolf Of All Street," shared his insights on X, highlighting a bullish pattern that could lead to a massive breakout rally in Dogecoin. According to Runefelt, the pattern, which appears to be a classic accumulation setup, is forming within a falling wedge formation.

"Huge coin breakout coming. Chart speaks for itself. Breakout at any moment. We're talking 150% to 200% on the dot on this one. Btc dump at 28k on the way down hit the fib exactly. They like to play games but the game is rigged. Long on apexcoin, optimism, and good times. New all-time highs coming soon.2023").

Why It's Important: Dogecoin has experienced a sharp decline, now trading at 70% below its December high. The selling pressure continues as meme coins are some of the hardest-hit assets in the crypto market. Speculation and fear have driven prices lower, and DOGE bulls have a long road ahead if they want to reclaim higher levels.

Bitcoin's (CRYPTO: BTC) downtrend since late January has also contributed to the bearish sentiment, leading investors to believe that the bull cycle may be coming to an end. If this is true, meme coins like DOGE will likely face the most volatility and selling pressure in the coming months.

However, Runefelt's analysis suggests that Dogecoin's downtrend might not continue forever. His technical analysis indicates that DOGE is forming a falling wedge pattern—a setup that is often seen as bullish, especially when considering the strong support levels at which this pattern develops.

According to Runefelt's predictions, once DOGE breaks out of this formation, it could experience a significant rally, potentially reaching his price target of $0.434—a massive upside from current levels. This breakout is expected to occur at any moment, leaving traders anticipating a swift and decisive move in either direction.

If Dogecoin manages to hold key support and break above resistance, a recovery rally could follow. But if selling pressure continues and DOGE fails to reclaim higher levels, further declines may be inevitable. The coming days will be crucial in determining whether DOGE bulls can take control and push prices higher.

Dogecoin Price Action: Dogecoin is currently trading at $0.17 after days of trading in a consolidation range, struggling to break above the $0.18 resistance level.

To confirm a recovery, DOGE must push above the $0.20 mark, which serves as a key psychological and technical barrier. Reclaiming this level could trigger a breakout toward higher supply zones, potentially fueling a rally toward $0.25 and beyond.

However, for this to happen, Dogecoin needs a surge in buying momentum and increased market confidence.

On the downside, if DOGE fails to reclaim $0.20 in the coming days, selling pressure could increase, leading to a decline below $0.15. A drop below this level would indicate further weakness, potentially sending DOGE to retest lower supports around $0.12. Bulls must step in soon to prevent a deeper correction.

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