Dogecoin price is breaking out of the falling wedge formation, is it possible to jump 50% from here?
Dogecoin price is displayed Strong bullish signals After exiting the falling wedge formation. The successful breakout and retest of the wedge pattern has increased optimism about a potential price rise, with the cryptocurrency analyst predicting a 50% jump to new highs soon.
A falling wedge breakout signal for Dogecoin prices to rise
It was Dogecoin Trading in a falling wedge pattern Since November 2024, with its price gradually narrowing within a bearish range for some time. TradingView Cryptocurrency Analyst, Viprose, subscriber A chart showing technical analysis of Dogecoin on the daily time frame, highlighting key price patterns and forecasting a 50% price increase to new bullish targets for the meme coin.
Viprose revealed this DOGE recently Broke from the falling peg It successfully retested the upper border, confirming its bullish position. Given the recent developments, the analyst believes that the meme coin is targeting a new breakout through… Major resistance area At the 0.618 Fibonacci level, corresponding to the $0.37 price point.
The falling wedge is a bullish technical analysis chart pattern that indicates a Possible trend reversal. This pattern is formed when the price of a cryptocurrency declines while its range of movement narrows.
Viprose expressed confidence that a Dogecoin breakout and retest of this falling wedge could push its price to three New upside targets. The TradingView analyst shared several Fibonacci levels, which will serve as key resistance areas before a potential rise to expected price targets.
It is worth noting that the Fibonacci levels at 0.618, 0.5, 0.382, 0.236 and 0 have been highlighted on Dogecoin chartWhich confirms the main resistance levels that the meme coin must overcome to reach its first upward target at $0.48656. For DOGE to reach this price, it would need to increase by approximately 50% from its current market value.
The analyst has also developed Next target price for Dogecoin At $0.57395, indicating that continued bullish momentum could push the meme coin to that high price if it successfully surpasses $0.48. This optimistic prediction suggests that the price of Dogecoin will need to rise by approximately 72%.
The third and final target expected by the TradingView analyst is $0.66554. If Dogecoin achieves this price, it will represent a gain of approximately 100% from its current market price. Interestingly, Viprose’s forecast for DOGE aligns with key resistance areas if the memecoin aims to achieve New all-time high. Currently, the altcoin is down more than 50% from its ATH price of $0.73, which was achieved during the previous rally in 2021.
The analyst says that the price of Dogecoin will fall first
While Viprose is bullish on Dogecoin prices rising to these three targets – $0.48, $0.57 and $0.66 – another prominent TradingView analyst, “MMBTrader,” shared more Bearish forecast for Mimi coin.
com. MMBTrader I confess The above expected price levels were “good targets” for Dogecoin. However, the analyst believes that the meme coin will undergo a process Big correction in prices Before embarking on the next upward rally. At the time of writing, DOGE price is trading at $0.33, recording a notable decline of 9.4% over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com
