Dogecoin’s Chart Pattern Suggests Potential for Market Recovery

Despite the current sluggish phase in the cryptocurrency market, Dogecoin (DOGE) might be poised to trigger a broader recovery.

The meme coin has been forming a falling wedge pattern on its daily chart since March, with a potential breakout if it sustains a close above $0.10, which could drive it towards $0.15, according to crypto analyst Ali Martinez’s recent analysis.

Imagine if, after all this craziness, #Dogecoin is the one to break out and kick off the next leg up… 👀

Watch out for this falling wedge on the $DOGE daily chart — a sustained close above $0.10 could spark a bullish run to $0.15! pic.twitter.com/oGIeR3yHtF

— Ali (@ali_charts) September 9, 2024

Dogecoin, currently ranked eighth in market cap, has been showing a series of lower highs and lows, signaling a possible bullish breakout soon.

Meanwhile, Elon Musk’s recent social media post, featuring an AI-generated image and a playful reference to DOGE, had minimal impact on its price. Despite its viewership and engagement, the post did not prevent DOGE from dipping further.

Analyst Anbessa noted that while Musk’s influence on DOGE’s price was limited this time, the coin still holds significant growth potential. However, patience may be required before seeing substantial gains.