Is Dogecoin (DOGE) Price Preparing for a Massive Move: Will a 20% Rise be Materliased With the Next Move?

Is Dogecoin (DOGE) Gearing Up for a Significant Surge?

Amidst the prevailing market uncertainty, many tokens struggle to maintain their gains. However, the popular memecoin Dogecoin (DOGE) appears poised for a major move.

Currently, DOGE trades within a narrow range due to limited buying pressure. Nevertheless, the potential exists for a 20% upswing that could overcome the bearish sentiment.

In the past, DOGE rallies commanded considerable attention in the crypto market, often overshadowing Bitcoin. However, since its precipitous decline in 2021, DOGE has lost much of its momentum.

Now, following the trend of other altcoins, a substantial surge for DOGE seems challenging yet attainable.

As depicted in the chart, DOGE trades within an ascending range, forming a rising wedge pattern. This pattern typically indicates a minor pullback, suggesting a slight decline in bullish strength.

However, the ongoing phase suggests increasing pressure on the token, potentially leading to a breakout towards the upside.

Initially, DOGE could experience an 8% to 10% gain, reaching the resistance level at $0.18. If the bulls maintain their momentum, a surge above $0.2 may occur, potentially propelling prices beyond the current yearly highs.

While a minor retracement remains a possibility, a plunge below $0.15 could materialize if the bears exert their influence.