The Dogecoin price is displayed robust bullish signals after breaking out of the Falling Wedge formation. The breakout and successful retest of the wedge pattern have fueled optimism about potential price growth, with the cryptocurrency analyst predicting a 50% jump to recent highs soon.
Falling Wedge Breakout Signal Dogecoin Price Rally
Dogecoin was trading in a falling wedge pattern from November 2024, and its price has been gradually narrowing in a decreasing range for some time. TradingView cryptocurrency analyst, Viprose, common chart showing technical analysis of Dogecoin on the daily time frame, highlighting key price patterns and predicting a 50% price upside against recent bullish targets for the meme coin.
Viprose recently revealed this to DOGE he broke free from the Falling Wedge and successfully retested the upper boundary, confirming its bullish position. The analyst believes that due to recent events, the meme coin will target a recent breakout key resistance zone at the Fibonacci level of 0.618, which corresponds to a price of USD 0.37.
A falling wedge is considered a bullish technical analysis chart pattern that indicates: potential trend reversal. This pattern forms when the price of a cryptocurrency falls while its range of movement narrows.
Viprose expressed confidence that a breakout of Dogecoin and a retest of this falling wedge could push its price up to three recent bullish goals. The TradingView analyst shared several Fibonacci levels that would act as key resistance areas for a potential upside to projected target prices.
It is worth noting that the chart highlights Fibonacci levels at 0.618, 0.5, 0.382, 0.236 and 0. Dogecoin charthighlighting the key resistance levels the meme coin needs to overcome to reach its first bullish target at $0.48656. For DOGE to reach this price, it needs to augment by almost 50% of its current market value.
The analyst also determined Another Dogecoin price target at $0.57395, which indicates that continued bullish momentum could take the meme coin to that high level if it manages to break above $0.48. This hopeful forecast suggests that the price of Dogecoin will need to augment by approximately 72%.
The third and final target predicted by the TradingView analyst is $0.66554. If Dogecoin reaches this price, it would represent an augment of approximately 100% over the current market price. Interestingly, Viprose’s forecast for DOGE coincides with key resistance zones if the meme coin were to target recent all-time record. Currently, the altcoin is down more than 50% from the ATH price of $0.73 achieved during the previous bull market in 2021.
The analyst says the price of Dogecoin will drop first
While Viprose is hopeful about Dogecoin price rising to these three targets – $0.48, $0.57 and $0.66 – another prominent TradingView analyst, “MMBTrader”, shared more bearish outlook for meme coin.
MMBTrader found that the above projected price levels were “good targets” for Dogecoin. However, the analyst believes that the meme coin will change significant price correction before the next bull run begins. At the time of writing, DOGE is trading at $0.33, down a significant 9.4% over the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
