Emily Walker
The price of Dogecoin shows promising upward trends after it successfully broke free from a Falling Wedge pattern. This breakout, along with a successful retest of the wedge, has ignited expectations of a price increase, with an analyst predicting a potential 50% rise in the near future.
Dogecoin Price Rally Following Falling Wedge Breakout
Since November 2024, Dogecoin’s price has been confined within a Falling Wedge pattern, gradually moving within a contracting range. Crypto analyst Viprose from TradingView has provided insights through a chart analyzing Dogecoin on a daily scale, revealing significant price trends and forecasting a 50% increase towards more favorable price points for the cryptocurrency.
According to Viprose, DOGE has recently broken free from the Falling Wedge and confirmed its bullish stance by retesting the upper limit of the wedge. This recent movement leads the analyst to believe that the altcoin is heading for a breakout at a critical resistance zone near the 0.618 Fibonacci level, aligning with a price target of $0.37.
The Falling Wedge pattern is typically viewed as a sign that a trend reversal may occur. It forms when a cryptocurrency experiences a decline while its price movement becomes increasingly narrow.
Viprose believes that the recent breakout and successful retest could enable Dogecoin to reach three new favorable pricing targets. The analyst outlined various Fibonacci levels that will serve as crucial resistance points before the price can surge to these targets.
Key Fibonacci levels such as 0.618, 0.5, 0.382, 0.236, and 0 have been marked on the Dogecoin chart, highlighting the resistance the coin needs to clear to aim for its first target of $0.48656. Achieving this target would require an increase of nearly 50% from its current price.
An additional price target set by the analyst is $0.57395, suggesting that a sustained upward trend could propel the meme coin to this level, requiring a rise of about 72% after surpassing the $0.48 mark.
The final target outlined by the analyst is $0.66554, which would indicate a doubling of the price from its present value. This forecast aligns with critical resistance levels, indicating that if Dogecoin seeks to establish a new record high, it has room to grow. Currently, Dogecoin is over 50% lower than its all-time high of $0.73, achieved during the market surge in 2021.
Another Analyst Predicts a Dip Before Rally
MMBTrader has indicated that while the proposed price targets are “good,” he anticipates a notable price drop before Dogecoin begins its next upward movement. Presently, DOGE is trading at $0.33, reflecting a significant decline of 9.4% over the last 24 hours.