$DOGE attempting a FALLING WEDGE BREAKOUT targetting 27.7cCRYPTOCAP: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), CRYPTOCAP: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.
