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Is Dogecoin price still set to rally 70% – FXStreet

Akash Girimath Akash Girimath
FXStreet

Dogecoin price showed massive promise last week after an impulsive uptrend. However, the subsequent selling pressure has caused DOGE to retrace lower, delaying its breakout and hence the rally.
Dogecoin price nosedived 85% from its all-time high of $0.740 and formed a swing low at $0.109 in late February. This downswing, which took roughly less than a year created three distinctive lower highs and lower lows.
Connecting these swing points using trend lines describes a falling wedge pattern. The technical formation forecasts a 68% upswing to $0.235, which is obtained by adding the distance between the first swing high and swing low to the breakout point.
Despite the 23% upswing last week, DOGE has undone most of its gains. However, the weekly candlestick closed on a positive note, keeping the hope alive for a breakout from the falling wedge. 
A weekly candlestick close above $0.159 will provide a confirmation of an uptrend and trigger a move to the forecasted target at $0.235. In total, this run-up would constitute an 80% ascent from the current position at $0.131.
DOGE/USDT 1-week chart
DOGE/USDT 1-week chart
While things are looking optimistic for Dogecoin, Bitcoin price is hovering above a crucial support level. If it breaks down, the spillover effect could ruin Dogecoin price’s push and turn the bullish setup sour. If DOGE produces a weekly candlestick close below $0.078, it will invalidate the falling wedge setup and bullish thesis revolving around it.
 

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Polygon (MATIC) price has been on a risky drop towards $1.00 over the weekend. Although it was expected that on Saturday, a turnaround would occur, traders instead saw a continuation of the dollar strength squeeze, and investors turning their backs on risk assets. 
Altcoins in the crypto ecosystem are being hit by a bloodbath amidst fears of Fed interest rate hikes. However, activity in NFTs has increased on blockchains like Ethereum and Solana. 
Dogecoin price showed massive promise last week after an impulsive uptrend. However, the subsequent selling pressure has caused DOGE to retrace lower, delaying its breakout and hence the rally.
Bitcoin price seems like it is stabilizing around a significant support level that has been battle-tested twice over the last three months. A resurgence of buying pressure is likely to propel BTC and all altcoins higher.
Bitcoin is likely to slide below $37,699 to collect liquidity before heading higher. BTC has prematurely triggered a minor run-up, leaving its downside objective unfulfilled. Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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