The Dogecoin price is displayed strong bullish signals after breaking out of a Falling Wedge formation. The breakout and a successful retest of the wedge pattern has fueled optimism for a potential price rally, with one crypto analyst predicting a 50% jump to new highs soon.
Falling Wedge Breakout Signal Dogecoin Price Rally
Dogecoin has been trading in a descending wedge pattern since November 2024, with its price gradually tightening within a falling range for some time now. A TradingView cryptoanalyst, Viprose, shared a chart showing a technical analysis of Dogecoin on the daily time frame, 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 tested its upper limit, confirming its bullish position. Due to recent developments, the analyst believes that the meme coin is headed for another breakout key resistance zone at 0.618 Fibonacci level, which corresponds to the price of $0.37.
A falling wedge is considered a bullish technical analysis chart that indicates a potential trend reversal. This pattern is formed when the price of a cryptocurrency falls while its range of motion tightens.
Viprose has expressed confidence that Dogecoin’s breakout and retest of this Falling Wedge can push the price to three new bullish targets. The TradingView analyst shared several Fibonacci levels, which would serve as key resistance areas before a potential rally towards the projected price targets.
Notably, the Fibonacci levels of 0.618, 0.5, 0.382, 0.236 and 0 have been marked on Dogecoin chartwhich highlights key resistance levels that the meme coin needs to overcome to reach its first bullish target of $0.48656. For DOGE to reach this price, it would need to increase by almost 50% of its current market value.
The analyst has also set Dogecoin’s next price target at $0.57395, indicating that continued bullish momentum could push the meme coin high at this price if it successfully breaks above $0.48. This optimistic prediction suggests that Dogecoin’s price will have to rise by about 72%.
The third and final target expected by the TradingView analyst is $0.66554. If Dogecoin achieves this price, it would represent a gain of around 100% from its current market price. Interestingly, Viprose’s forecast for DOGE is in line with key resistance zones if the meme coin aims for a new all-time high. Currently, the altcoin is down more than 50% from its ATH price of $0.73, which was reached during the previous 2021 bull run.
Analysts Say Dogecoin Price Will Fall First
While Viprose is optimistic about a Dogecoin price rally 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 recognized that the aforementioned projected price levels were “good targets” for Dogecoin. However, the analyst believes that the meme coin will undergo a significant price correction before embarking on their next bullish rally. At the time of writing, the DOGE price is trading at $0.33, marking a remarkable decline of 9.4% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
