Dogecoin (DOGE) Price Surrounded by Hype as Bullish Falling Wedge Pattern Forms on the Chart

Since the beginning of March, when the so-called "meme coin king" reached its yearly high of $0.2288, it has lost over 62%, and only in early September

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) has been making headlines recently due to a bullish falling wedge pattern that has formed on its price chart.

Since March, when the "meme coin king" began the year trading at $0.2288, it has lost more than 62% of its value. Only in early September did the downtrend appear to halt at $0.08893 per DOGE.

Importantly, as the meme coin fell, the price formed a bullish falling wedge pattern, which is a technical analysis pattern that forms a dynamic range with key price resistance and support levels.

Two prior attempts to break out of the pattern occurred in May and July, but both failed. This month, the price of Dogecoin made another attempt to break out of the pattern, and this time it appeared poised for success.

However, things turned sour for DOGE as the march toward dynamic support resulted in a rejection and saw the meme coin price drop by more than 3.2%.

On the one hand, it is positive that this key level was not crossed on the first attempt. Ultimately, it was sellers who decided to sell their DOGE holdings at this price point. Furthermore, the decline is not drastic, and overall this pullback does confirm the pattern.

On the other hand, the sellers are present, and now it is imperative for Dogecoin, or more specifically DOGE bulls, to show a stronger will to break out of this pattern. If there is a proper reaction to the resistance, Dogecoin may finally be able to deliver a rally of green candles for all those who have been enthusiastic about the popular meme coin.