Dogecoin (DOGE<\/a>) pared some losses versus Bitcoin (BTC<\/a>) on March 10, a day after the DOGE\/BTC pair fell to its lowest level since October 2022. Can the DOGE price see an extended rebound ahead?\u00a0<\/p>\n On the daily chart, the DOGE\/BTC pair reached 331 sats, up 4.75% compared to the previous day\u2019s low of 316 sats. The bounce occurred around a multimonth descending trendline, which has capped the pair\u2019s downside moves since November 2022.<\/p>\n Interestingly, the DOGE\/BTC descending trendline appears to be part of a prevailing falling wedge pattern. Traditional chart analysts consider the falling wedge a bullish reversal setup, notably because of the pattern\u2019s 62% success<\/a> rate in meeting its upside price targets.<\/p>\n In Dogecoin\u2019s<\/a> case, the price is wobbling around its falling wedge\u2019s apex point, where its upper and lower trendlines converge. DOGE\u2019s latest rebound from the lower trendline increases its possibility of testing the upper trendline for a breakout, as illustrated in the chart below.<\/p>\n The upside setup further draws support from the DOGE\/BTC\u2019s daily relative strength index (RSI)<\/a>, with a reading of around 28. From a technical perspective, an RSI below 30 means the pair is oversold, which could prompt its price to consolidate sideways or rebound.<\/p>\n In the event of a breakout, DOGE\/BTC can rise toward 500 sats by April, up 50% from current price levels. The upside target is measured after adding the maximum distance between the falling wedge\u2019s upper and lower trendline to the breakout point.\u00a0<\/p>\n However, a decisive drop below the falling wedge\u2019s lower trendline risks invalidating the whole upside setup. Instead, DOGE can drop toward 280 sats, a historical support level down around 13% from current price levels.<\/p>\n Such a scenario is possible given Dogecoin\u2019s stint with a failed falling wedge pattern<\/a> in March 2022, where the DOGE\/USD pair broke below the lower trendline \u2014 50% losses followed.<\/p>\n However, Dogecoin could still fall in U.S. dollar terms, mainly due to increasing macroeconomic uncertainty<\/a>.<\/p>\n In recent years, the Dogecoin price rallied primarily on the heels of news-driven events and\u00a0Elon Musk\u2019s support<\/a>, including hopes of a\u00a0DOGE payment option on Twitter<\/a>.<\/p>\n Related:\u00a0Why is the crypto market down today?<\/a><\/em><\/strong><\/p>\n However, Musk said on March 3 that he would shift his focus from cryptocurrencies to artificial intelligence. The billionaire entrepreneur didn\u2019t name Dogecoin specifically, but many interpreted that Musk may distance himself from the industry moving forward.\u00a0<\/p>\n \u201cI used to be in crypto, but now I got interested in AI”<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/3ff6a81d-31f7-4627-9058-2cd6b4e38b1c.png\")
DOGE price vs. BTC<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/49d5b4dc-4c43-4a3c-835d-01b608e596da.png\")
Which way for DOGE price?<\/h2>\n
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