- Dogecoin price depends on support at $0.0651 to recover from last week’s losses.
- A falling wedge pattern presents DOGE with a probable 15.67% escape to $0.0764.
- Dogecoin price recovery may slow down at $0.0692 as investors book early profits.
Dogecoin price is trading at $0.0665 against a backdrop of a 3.8% decline over the last 24 hours and a cumulative 18.8% loss in seven days. The largest meme coin broke a significant winning streak when it failed to break above a seller congestion zone at $0.0900. If support at $0651 holds, Dogecoin price would be poised for a 15.67% jump to $0.0764.
Dogecoin price heads for the ultimate bottom
Rejection at $0.0900 not only crashed the bulls’ mission to propel Dogecoin price beyond $0.1000; it drastically changed its technical scope. In the wake of the sharp drop, support at $0.0651 will provide an optimum environment to build momentum for a bullish move.
A falling wedge pattern formed on the four-hour chart reveals that DOGE may jump to $0.0764. This highly bullish pattern forms after a lengthy or sharp drop. Before the breakout, Dogecoin will likely consolidate and allow the volume to build up. Traders must wait for an established break above the upper trend line before going all-in on DOGE.
DOGE/USD four-hour chart
If bulls want to smoothly ease Dogecoin price into an uptrend, they will have to defend the support at $0.0651 as if their lives depended on it. It is worth mentioning that the Stochastic oscillator on the same four-hour chart has formed a negative divergence from the price, which implies the possibility of a longer downtrend ahead.
However, with the same index lifting from the oversold region, buyers could easily become the dominant force and squarely place Dogecoin price on the northbound trend.
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Dogecoin IOMAP chart
The 15.6% target will not be an easy feat for Dogecoin price, owing to the seller congestion of around $0.0692. According to IntoTheBlock’s IOMAP cohorts, roughly 98,700 addresses purchased approximately 43.11 billion DOGE tokens in the area.
As Dogecoin price makes headway to $0.0764, the same holders might consider selling at their specific breakeven points. Besides, other investors may book early profits amid uncertainties caused by elusive price bottoms and a tighter monetary policy.
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