Dogecoin Breaks Out Above Falling Wedge, Eyes Retracement

Dogecoin has made a powerful daily breakout above a falling wedge formation after reaching $0.1, according to technical analysis.

The breakout candle is seen as confirmation of the momentum shift in the cryptocurrency's price action, with the Relative Strength Index (RSI) hitting 83.51, indicating overbought conditions.

As Dogecoin tests the upper Bollinger resistance, a healthy retracement towards the EMA50 support at $0.09 appears probable before continuation, with the EMA200 providing a deeper long-term floor at $0.08.