As Dogecoin (DOGE)’s price attempts to hold a crucial support level, an analyst flagged potentially bullish technical setups that could set the stage for a major move in the coming months.
Dogecoin Historical Setup Targets Massive ExpansionAmid this performance, market observer Trader Tardigrade shared a bullish outlook for the cryptocurrency, analyzing DOGE’s chart on multiple timeframes. He pointed out a “textbook” falling wedge setup on the daily timeframe, which has been forming since early May.
He asserted that Dogecoin appears to be repeating a setup that has previously led to explosive performances. According to the chart, the cryptocurrency is forming a new solid base structure, suggesting that a breakout and rally toward new highs could begin in the coming months. Notably, this structure previously formed ahead of the 2017 and 2021 all-time high (ATH) rallies.
DOGE’s Short-Term Fate On The LineDuring the April-May market rally, the leading memecoin was able to climb from the channel’s lower half toward its upper boundary, briefly breaking above this crucial resistance in mid-May before retracing.
As of this writing, DOGE is trading at $0.101, a 2.4% decline in the weekly timeframe.
