Dogecoin Founder Billy Marcus Says DOGE Might Never Reach Previous ATH of $0.74
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2022-05-11 | Selina Mathew
Unlike many cryptocurrencies, Dogecoin's price appears to be maintaining above its support levels despite the recent market slump. DOGE has been trapped within its bullish setup, waiting for a breakout.
The Dogecoin pricing should be reevaluated.
Since its all-time high in May, the Dogecoin price has been forming a falling wedge pattern. DOGE fell 85 percent from its top of $0.740 in May, forming this pattern. This advance to the south built a base around $0.109, indicating the possibility of a trend reversal.
The Dogecoin price made three separate lower highs and lower lows during this downtrend, which when combined with trend lines form a falling wedge pattern.
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DOGE/USD 1 DAY PRICE CHART; SOURCE - COINMARKETCAP.COM
By adding the distance between the initial swing high and swing low to the breakout point, this technical pattern predicts a 68 percent upswing to $0.241.
DOGE broke over the wedge's upper trend line on April 25, but it was unable to maintain the momentum, resulting in a reversal. Since the fakeout, the Dogecoin price has had several chances to break through, but each time it has failed.
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