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Dogecoin (DOGE) Breaks Out of Falling Wedge, Technically Well Positioned for Rise: Analyst

Tue, 02/07/2023 - 12:20
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Yuri Molchan
Crypto analyst and trader believes that Dogecoin could be preparing for rise and is 'well-positioned' for it technically
Dogecoin (DOGE) Breaks Out of Falling Wedge, Technically Well Positioned for Rise: Analyst
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Pseudonymous crypto trader Rekt Capital (@rektcapital), who issues his own newsletter, (has shared a DOGE chart for his army of 335,000 Twitter followers, suggesting that the original meme token has a good chance to show a breakout.

Currently, Dogecoin is trading at $0.09087, according to the CoinMarketCap data, showing a marginal rise in the past hour.

"DOGE is well-positioned for upside"

In a recent tweet, Rekt Capital stated that Dogecoin broke out from a Falling Wedge formation. That is a reverse pattern, after which the price of an asset is likely to head in an opposite direction — upward, in this case. After a Rising Wedge, an asset has a high chance to begin declining.

The analyst and trader drew his readers' attention to the fact that DOGE had successfully completed the reverse pattern and even managed to retest the top of its Falling Wedge as support, thus showing a complete confirmation of the breakout.

Now, Rekt Capital wrote, "DOGE is well-positioned for upside," and it remains to be seen whether the coin will be pushed up or not: "It's now all about follow-through."

Dogecoin drops 10% since weekend

Since Saturday, Feb. 4, leading meme cryptocurrency DOGE has declined slightly more than 10%. This fall happened despite the fact that the biggest DOGE fan and Twitter boss billionaire Elon Musk had been found innocent of charges in the "Tesla private 420 private-take case." The lawsuit was initiated against the tech mogul by the SEC in 2018 after he posted a tweet saying, "I'm taking Tesla private at $420. Funding secured."

As a rule, Musk's tweets, especially positive ones, provoke at least a slight and brief growth of the Dogecoin price. This one may have done so as well, especially considering that Elon Musk is pro-crypto (he holds Bitcoin, Ethereum and DOGE) and the SEC is currently struggling to beat the fintech giant Ripple in court and has been doing so since December 2020.

During the past 24 hours, Dogecoin demonstrated a mild rise, going up by 2.86%.

Ripple CTO "Congratulates" Elon Musk on Beating SEC by "Taking XRP Private at $420"

DOGE army urges Burger King to accept Dogecoin and FLOKI

Major Doge-themed account @DogecoinRide has recently tweeted to pick the brains of the DOGE army on whether Burger King fast food giant should add the meme token and its rival FLOKI as payment options. Many Doge fans left comments like "hell, yeah" to support the idea.

Previously, Elon Musk offered another fast-food behemoth, McDonald's, a deal: if they would begin accepting Dogecoin, he would eat a Happy Meal on TV. However, the company turned down his offer.

This year, Elon Musk tweeted that his offer on DOGE and McDonald's was "100 percent open." However, the famous seller of fast food did not respond to that. Now, the DOGE army seems to be in search of an alternative.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at