$DOGE attempting a FALLING WEDGE BREAKOUT targetting 27.7c

DOGE has been attempting a FALLING WEDGE breakout all day long and I have mixed feelings about longing the break.

First of all, falling wedges are dominating the 4-hour timeframe, this is the 3rd one in the last two months, the previous ones quickly HIT their targets.

But, we are about to see a DEATH CROSS (yellow 50 MA to cross below green 200 MA), DOGE is hitting lower highs and lows (although, RSI has been hitting equal lows and highs, BULLISH divergences).

The selling volume has decreased on that last low, and this is a text-book seller capitulation behaviour.

So, even if the wedge BREAKOUT happens this weekend, the volumes are likely NOT going to be big enough to confirm the reversal. In fact, I would expect such a breakout to fail.

The resistances directly overhead (dynamic MAs I mentioned death-crossing plus the horizontal (white) resistance around the 24cent mark...

This breakout will need proper volumes, I would rather look for a short after a potential post-breakout rejection tbh ($0.240-0.245).

Staying put, this looks promising especially just after a bounce from the 3-month old ascending trendline support, but the timing has to be right, not this weekend I think💙👽

🔑 Summary

RSI BULL divergence = momentum base forming.

Price wedge = bullish reversal structure.

Volume = capitulation done, waiting for breakout energy.


👉 Bias = bullish breakout setup, but invalidation = break of 3-month support.