Musk's Twitter investment also assisted Dogecoin in breaking out of a “falling wedge” pattern. DOGE‘s price could swell by more than 150% on a classic bullish reversal setup.
In 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.
As DOGE's price undergoes a similar pattern, its likelihood of continuing its uptrend has increased.
