3 reasons why Dogecoin price can now gain 50% by September
Yes, Elon Musk's Twitter acquisition is one of them.At least three market catalysts show that Dogecoin (DOGE) could climb by at least 50% by the end of Q3/2022.
Falling wedge breakout in play
Dogecoin has been painting a "falling wedge" pattern on its longer-timeframe charts since May 2021, hinting at potential for a bullish reversal in the coming months.
Falling Wedges appear when the price trends lower inside a range defined by two descending, converging trendlines. Their occurrence coincides with declining trade volumes, suggesting that trading activity slowed down due to the narrowing price range.
A break of the wedge to the upside, coupled with a rise in trading volumes, suggests the asset is breaking out. As a rule of technical analysis, a falling wedge breakout can push the price upward by as much as the maximum distance between the structure's upper and lower trendline.
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