Dogecoin (DOGE) has recently attracted cryptocurrency investors' attention, hovering within a bullish descending wedge pattern. Although there is significant buyer interest, weak broader market cues have prevented a breakout.
Investor sentiment remains bullish, with 60.72 billion DOGE poised for profits. This supply was acquired between $0.101 and $0.130, historically a key support and resistance zone.
Dogecoin's momentum is heavily influenced by Bitcoin (BTC), sharing a high correlation of 0.92. Bitcoin's recent behavior of consolidation and minor uptrends keeps DOGE in a similar pattern, but a downturn could dampen DOGE's rally.
Currently, Dogecoin is holding above $0.094, with resistance at $0.118. A breakout could trigger a 65% rally to $0.182. However, failure to breach resistance levels might lead to continued consolidation and invalidation of the bullish outlook.
