Dogecoin Falls into Falling Wedge Pattern

Dogecoin (DOGE) is forming a technical pattern on its price chart that analysts believe could trigger another parabolic rally. The coin has been trading in a falling wedge formation, with key resistance levels at $0.110-$0.120.

Crypto analyst Crypto With Gopal identified the falling wedge and highlighted the importance of clearing this resistance zone for bulls to make progress. A breakout above the wedge could potentially push DOGE toward $0.150, according to Gopal's projection.

However, DOGE is currently facing selling pressure, with its 20-day Simple Moving Average having been broken below at $0.08589. The MACD line has crossed below its signal line, and negative histogram bars have appeared, indicating that sellers are in control.