Meme cryptocurrency Dogecoin has had quite a scant days of intriguing price action coupled with fervent volatility. Notably, Dogecoin, which finished the last days of September on a bullish run, has since reversed those gets and is back where it left off equitable above $0.10.
According to a technical analysis of the Dogecoin price action, the meme coin broke above a multi-month downtrfinish last week. However, as it stands, a recent rightion in the past 48 hours has seen DOGE reversing to retest the fractureout point. As remarkd by a crypto analyst, this retest is vital to DOGE’s carry outance in the coming weeks and months. A bounce or a fracture below could create or fracture the meme coin’s price.
Dogecoin Retesting The Macro Falling Wedge
A crypto analyst understandn as Kevin on social media platcreate X, recently made understandn an fascinating piece on the current DOGE price action. Kevin has built a reputation among his social media fagedrops for his extensive analysis of DOGE price action on X. According to a Dogecoin chart he dispensed, the meme coin, which recently peaked above $0.13, is now retesting the upper trfinishline of the multi-month descending wedge that it successfilledy broke out of equitable last week.
According to Kevin, this type of retest is actupartner standard when fractureouts appreciate this apply out. A retest and a subsequent shift to the upside frequently act as verifyation of the fractureout. However, with the current situation of leangs, this retest could be more than equitable a retest. This is becaemploy a fracture below the trfinishline would unkind that the meme coin is still stuck in a multi-month downtrfinish and has not broken out as most spendors had hoped. This, in turn, could cascade into a deteriorate that could eventupartner see DOGE accomplishing a low of $0.085 in the coming weeks or even create a drop low below that level.
#Dogecoin is currently back testing the macro descending wedge it broke out of a week ago which is technicpartner a bullish back test and should occur when these patterns apply out. If #DOGE dissees this area then huge trouble apaemploys. We necessitate to helderly this zone for this 6 month pattern to… pic.twitter.com/kYTWuQTwNH
— Kevin (@Kev_Capital_TA) October 1, 2024
Consequently, the $0.11 to the $0.108 zone is a vital zone for Dogecoin bulls to helderly on to. In the words of crypto analyst Kevin, Dogecoin necessitates “to helderly this zone for this 6-month pattern to not flunk.”
What’s Next For DOGE?
At the time of writing, Dogecoin is trading at $0.1085 and is down by 8.5% in the past 24 hours. If bulls are able to protect the price above this key zone in the next scant days, it would back the validity of the recent fractureout and potentipartner pave the way for further upside in the coming weeks.
Dogecoin’s price deteriorate in the past 24 hours isn’t an isotardyd shift and is part of a expansiver deteriorate among many cryptocurrencies. The hype directing up to October (Uptober) has degraded into a deteriorate in the price of cryptocurrencies on the first day of the month.
Featured image created with Dall.E, chart from Tradingsee.com
