Possible rewrite: DOGE price drops to lowest point in 4 months compared to Bitcoin, but there is potential for a 50% comeback.
Dogecoin (DOGE) has experienced a minor rebound against Bitcoin (BTC) on the back of a bullish falling wedge pattern. The DOGE/BTC pair had previously fallen to its lowest level since October 2022, but bounced back around a descending trendline that has been in place since November 2022. The falling wedge pattern, which has a 62% success rate in fulfilling its upside targets, suggests that DOGE could rise towards 500 sats by April, up 50% from current levels. A decisive drop below the pattern’s lower trendline could invalidate the setup, however, causing DOGE to potentially drop towards 280 sats. Despite the bullish pattern, DOGE may still face macroeconomic uncertainty which could cause it to drop in US dollar terms. Elon Musk’s recent announcement that he is shifting his focus from cryptocurrencies to artificial intelligence has caused a 20% drop in DOGE’s price to $0.06. Technical analysis suggests it may further drop by 10% to test an old support level at $0.055-0.042, though a bounce from that range could lead to a rally towards the triangle’s upper trendline at $0.076. As with all investment and trading moves, readers are advised to conduct their own research and keep in mind the risks involved.
About The Author
