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Dogecoin Poised for Explosive Growth: A 1,150% Surge Towards $1.6 on the Horizon!

Dogecoin

Crypto expert Trader Tardigrade has highlighted a potential optimistic shift in the Dogecoin chart that could drive prices significantly higher. If the analyst’s prediction holds true, we could see Dogecoin reaching a historic peak within the next year.

Bitcoin’s Rise from a Falling Wedge Pattern

In a recent analysis shared on the X platform (formerly known as Twitter), the anonymous crypto analyst Trader Tardigrade noted that Dogecoin has been experiencing a Falling Wedge pattern. This pattern has emerged as the price faced downward pressure and dipped below the $0.1 mark.

The key takeaway from Falling Wedge formations is their potential for bullish breakouts; these typically indicate that the downward trend is nearing its end and can set the stage for price increases.

Trader Tardigrade believes that the end of the Falling Wedge for Dogecoin may be on the horizon. Preliminary signs suggest that a breakout could be imminent, offering a glimmer of optimism for the future of Dogecoin’s price.

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Additionally, this emerging breakout mirrors previous Falling Wedge patterns that have historically led to Dogecoin reaching new all-time highs. The analyst expresses confidence that DOGE may replicate the bullish breakouts witnessed in 2017 and 2021.

Potential Price Increase for Dogecoin

The analyst anticipates this breakout could have a considerable impact on Dogecoin’s price trajectory. Presently hovering just below $0.13, DOGE is still far off from its remarkable $0.7 peak in 2021. However, the situation could change rapidly if the breakout is confirmed.

Trader Tardigrade suggests that the breakout target for DOGE could reach $1.6, representing a staggering 1,150% increase from its current value, thereby establishing a new all-time high for the popular meme coin.

Dogecoin price chart from Tradingview.com

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