Broadening Wedge Could Send Dogecoin Price Flying, But Watch These Key Factors

As the market enters a period of uncertainty after a bullish start to the week, the Dogecoin price has slipped back into a consolidation trend once ￰0￱ represents the slowdown brought about by profit-taking as investors secure their position. However, this does not mean that the favor has fallen back to the ￰1￱ fact, the Dogecoin price remains in a bullish position, and as long as key factors continue to hold, then the meme coin could see a colorful breakout rally from ￰2￱ Broadening Wedge And What It Means Pseudonymous crypto analyst Gandalf Crypto took to the X (formerly Twitter) platform to share some interesting things about the Dogecoin price ￰3￱ price has so far been characterized by higher highs and lower lows, not suggesting a particular ￰4￱ just shows that volatility is becoming higher and ￰5￱ could lead to wild fluctuations in the Dogecoin ￰6￱ Reading: Analyst Urges All XRP Investors To Pay Attention To This Connection No One Has Made Before Nevertheless, the fact that the altcoin continues to trade inside a Broadening Wedge pattern is worth ￰7￱ is the case with a broadening wedge pattern, the direction in which the price breaks could determine whether the rally would continue or if the price decline would ￰8￱ the case of a breakout of the upper trendline toward $0.28, it would signal that the bulls will continue to push the Dogecoin price higher.

However, on the flip side, there is the possibility that the price breaks below the lower trendline and makes its way toward $0.2. In that case, a deeper correction will be ￰9￱ Things To Watch Out For With The Dogecoin Price As the crypto analyst explains, the Dogecoin price is now nearing its resolution point within the Broadening Wedge ￰10￱ this junction, there are a number of things to watch that could serve as confirmation for which direction will likely play ￰11￱ first of these is in the case of a breakout, and that is the upper trendline, as already outlined ￰12￱ break would signal a bullish continuation, but it would need to be supported by adequate volume to maintain this ￰13￱ Reading: Can The Bitcoin Price Explode To $200,000?

The Gold Chart That Tells It All Without volume, momentum struggles and could end up falling back ￰14￱ as long as the volume follows the breakout, it could lead to a Wave 7 after the completion of the Wave ￰15￱ target for this would lie above $0.34. The more bearish path is in the case where the price completely breaks all three supports from $0.24 all the way down to $0.22. This would invalidate the entire bullish thesis, putting the bears in charge once ￰16￱ image from Dall. E, chart from ￰17￱