Dogecoin Price Analysis: 451K Holders Eye Profits if DOGE Hit $0.12

Dogecoin price shows signs of recovery as a bullish pattern emerges on its daily chart. The asset is at the bottom of the bullish market structure, with a potential to rally 27%.
Following the recent market downturn, Doge investors rushed to dump their coins on exchanges. But since the market began recovering, exchange inflows have reduced, setting the stage for a bullish rally for the meme coin.
Dogecoin Price To Offer Reprieve
DOGE price is currently downward within a falling wedge pattern, which is typically a bullish reversal pattern. Recent candlestick formations show a strong bounce off the lower boundary of the wedge with significant volume, indicating a potential reversal.
The price movement within the falling wedge pattern suggests a corrective wave. However, the recent bounce from the lower boundary could indicate the end of a corrective wave and the beginning of a new impulsive wave.
The 50-day EMA at $0.122 and the 200-day EMA at $0.126 are above the current price, rein

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