Dogecoin is potentially following a Falling Wedge right now, and this cryptocurrency analyst thinks a breakout from it may be a “powerful” one.
Dogecoin Could Be Trading Inside A Falling Wedge Pattern
In a new post on X, analyst Ali Martinez has shared a Falling Wedge that Dogecoin is potentially trading inside on the weekly timeframe. A “Wedge” is a pattern from technical analysis (TA) that forms whenever the asset’s price trades between two converging trendlines.
A “Triangle” consolidation channel also involves converging trendlines, but the difference from a Wedge is that it either involves one trendline that’s horizontally flat or trendlines that converge with an opposite slope. On the other hand, a Wedge involves trendlines sloped in the same direction.
When these lines point in the up direction, the pattern formed is known as a Rising Wedge. Similarly, their being sloped downward creates a Falling Wedge. The latter is the Wedge of interest in the curr
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