Sunday’s fall in the crypto market, triggered by the exit of top DeFi developer Andre Cronje from the Fantom and Yearn Finance projects, did little to boost any Dogecoin price predictions of recovery. However, the evolving wedge pattern could boost chances of the DOGE/USDT pair attaining the 20 cents mark.
Demand for Dogecoin was muted on Monday as pseudonymous lead developer at Shiba Inu, Shytoshi Kusama, took digs at both Cronje and Dogecoin developer Billy Markus in a series of tweets. Billy Markus had quit active development work on Dogecoin in 2015, well before Cronje’s exit became public on Sunday. Kusama, who leads development at Shiba Inu and is championing the creation of Shiberse and other projects for Shiba Inu, tweeted that he was “not leaving,” in an apparent reference to both Cronje and Markus.
The DOGE/USDT pair fell 3.44% on Sunday to start the week off on another round of selling. Low volumes marked trading on Monday as price tests a key resistance last seen on 22 January. This will occur within the context of an evolving falling wedge pattern on the daily chart.
Dogecoin price prediction of a return to bullish ways will be fulfilled if the falling wedge pattern evolves as expected. The DOGE/USDT pair is down 0.83% as of writing in a day marked by low volume trading.
The price activity is challenging support at the 0.1199 price mark. A breakdown of this area puts the wedge’s upper border in danger of violation. This violation would be complete if the price activity attains the support target at 0.0829, thus invalidating the wedge pattern. An additional support level under 0.0829 is 0.0477 (1-7 March 2021).
However, if the bulls initiate a bounce at 0.1199, it puts the wedge’s upper border in danger of being taken out. If the price action breaks this border, it completes the wedge pattern and sets up a measured move towards 0.1961. The bulls must take out 0.1634 as well to achieve this price objective. If the advance continues above the price objective, an additional resistance barrier comes into the mix at 0.2195 (14 December 2021 high).
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This post was last modified on %s = human-readable time difference 13:43