The “Musk effect” seems to be boosting Dogecoin price once again.
Musk's Twitter investment also assisted Dogecoin in breaking out of aIn detail, falling wedges are considered bullish reversal setups and appear when the price consolidates lower inside a range defined by two converging, descending trendlines while leaving behind a trail of lower highs and lower lows.
In a perfect scenario, falling wedges resolve after the price breaks decisively above their upper trendline. As it happens, traders typically eye a run-up toward the level that comes to be at length equal to the maximum distance between the wedge's upper and lower trendline.undergoes a similar pattern, its likelihood of continuing its uptrend has increased following the break above the trendline on April 4. Therefore, the coin now eyes a run-up towards $0.
Nonetheless, the bullish setup comes with downside risks. Notably, Dogecoin's breakout move above the falling wedge's upper trendline accompanies weaker volumes, suggesting that traders lack conviction in the rally.DOGE also trades below two critical support levels: the 20-week exponential moving average around $0.15 and the 50-week EMA near $0.17.
Holding the wedge's upper trendline as support and breaking above the 20- and 50-week EMAs with strong volumes would keep DOGE's $0.37-target intact. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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