- A rejection at $0.072 could draw the coin price to $0.065.
- Should Dogecoin retest $0.072, then the price action could drive toward $0.1
- DOGE’s formation of a falling wedge was instrumental to its recent 17% 30-day hike.
As October inches towards its last week, Dogecoin (DOGE) made sure talk about a monthly rally did not go without materializing. In the last 30 days, DOGE posted 17.41% gains, in a month that saw many cryptocurrencies follow Bitcoin (BTC) in the upward direction.
Dogecoin’s hike was not only a result of BTC’s rise or its correlation with the top-ranked asset by market cap. Instead, DOGE had formed a falling wedge dating back to 29 August through 18 October. This pattern was displayed on the DOGE/USD daily chart.
For those unfamiliar, a falling wedge is a pattern formed by drawing two descending lines. The top line represents a high while the other one represents a low. Whenever this pattern appears, a bullish reversal is formed.
A Correction Before a Breakout
According to the chart shown below, DOGE developed solid support at $0.0577 after the pattern formed. At the price, sellers were exhausted, and bulls took the opportunity t…
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