Dogecoin On The Edge: Major Breakout Or Breakdown Imminent? 🐕
The Dogecoin price is positioned at a potentially pivotal moment, with either a breakout or breakdown possible. Analyst Josh Olszewicz highlights a falling-wedge formation on the four-hour chart, indicating that the price has been contained within increasingly narrow boundaries since May 13. The current price is lodged in a cloud, signifying equilibrium, but momentum is needed for a decisive move.
Internally, short-term reference levels are tight, with a support zone around $0.212–0.214 creating opportunities for rebounds. Conversely, resistance at $0.225 creates a ceiling. Traders await a breach through these lines to confirm a bullish trend, potentially returning to the May 13 high.
Additionally, Cantonese Cat's weekly view suggests Dogecoin has closed above the Bull Market Support Band for the first time since February, hinting at a potential medium-term push toward the mid-$0.30s range. However, a failure to maintain support could lead to further price declines.
As DOGE trades at $0.217, traders are watchful of short-term movements that could set the stage for future trends.
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