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Dogecoin’s Chart Pattern Suggests Potential for Market Recovery

Dogecoin’s Chart Pattern Suggests Potential for Market Recovery

Cryptodnes2024/09/10 08:57
By:Cryptodnes

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.

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.

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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.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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