The Dogecoin price displays strong bullish signals after breaking out of a Falling Wedge formation. The breakout and a successful retest of the wedge pattern have fueled optimism of a potential price rally, with a crypto analyst forecasting a 50% jump to new highs soon.
Falling Wedge Breakout Signal Dogecoin Price Rally
Dogecoin has been trading in a Falling Wedge pattern since November 2024, with its price gradually tightening within a descending range for some time now. A TradingView crypto analyst, Viprose, shared a chart showing a technical analysis of Dogecoin on the daily timeframe, highlighting key price patterns and predicting a 50% price increase to new bullish targets for the meme coin.
Viprose disclosed that DOGE recently broke out of the Falling Wedge and successfully retested its upper boundary, confirming its bullish position. Due to the recent development, the analyst believes the meme coin targets a new breakout through the key resistance zone at the 0.618 Fibonacci level, corresponding with the $0.37 price point.
A Falling Wedge is considered a bullish technical analysis chart pattern that indicates a potential trend reversal. This pattern forms when a cryptocurrency’s price falls while the range of its movement tightens.
Viprose has expressed confidence that Dogecoin’s breakout and retest of this Falling Wedge could push its price to three new bullish targets. The TradingView analyst shared several Fibonacci levels, which would act as key resistance areas before a potential surge to the projected price targets.
Notably, the Fibonacci levels at 0.618, 0.5, 0.382, 0.236, and 0 have been highlighted on the Dogecoin chart, underscoring key resistance levels the meme coin must overcome to hit its first bullish target of $0.48656. For DOGE to reach this price, it must increase by almost 50% of its current market value.
The analyst has also set Dogecoin’s next price target at $0.57395, indicating that a continued bullish momentum could drive the meme coin to this price high if it successfully pushes past $0.48. This optimistic prediction suggests that Dogecoin’s price will need to rise by approximately 72%.
The third and last target projected by the TradingView analyst is $0.66554. If Dogecoin achieves this price, it would represent a gain of about 100% from its current market price. Interestingly, Viprose’s forecast for DOGE aligns with key resistance zones should the meme coin aim for a new all-time high. Currently, the altcoin is down more than 50% from its ATH price of $0.73, achieved during the previous bull run in 2021.
Analyst Says Dogecoin Price Will Decline First
While Viprose is optimistic about a Dogecoin price surge to these three targets—$0.48, $0.57, and $0.66—another prominent TradingView analyst, ‘MMBTrader,’ has shared a more bearish outlook for the meme coin.
MMBTrader acknowledged that the aforementioned projected price levels were “good targets” for Dogecoin. However, the analyst believes the meme coin will undergo a significant price correction before embarking on its next bullish rally. At the time of writing, the DOGE price is trading at $0.33, marking a notable decline of 9.4% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com