Dogecoin Price Confirms Retest With Broadening Wedge Breakout, Bullish Action To Send DOGE Above $1

The Dogecoin price seems to be in Initial stages of a budding dynamic with the last action in the last 48 hours. Notably, a rally has seen Dogecoin retest the $0.34 price level over the past 24 hours. Notably, technical analysis of Dogecoin price action shows that the meme coin could now be preparing for a notable move towards the $1 mark and beyond.

Renewed Dogecoin price test confirms breakout of widening wedge

According to technical analysisRecent price action has seen Dogecoin complete a retest of a widening wedge pattern. This interesting phenomenon is remarkable was noted by Crypto analyst Trader Tardigrade, who published his analysis on the social media platform X.

The widening wedge formation is a generally bullish pattern that is associated with a notable price increase. This formation is associated with increasing elevations and a relatively straight bottom. In the case of Dogecoin, the widening wedge pattern has been forming over a multi-year period since May 2022.

Interestingly, Dogecoin’s performance in the final months of 2024 saw it break out of the widening wedge pattern. This breakout followed a notable rally in October and November, eventually culminating in a brief break above $0.48 in December. However, this pause was short-lived as Dogecoin embarked on a corrective course in the last two weeks of December.

As shown in the Dogecoin weekly candlestick timeframe chart below, this correction retested the top of this widening wedge. Nonetheless, Dogecoin bulls were able to prevent further price declines, The meme coin has now undergone a retest in the last 24 hours. With this in mind, crypto analyst Trader Tardigrade predicts that this development could pave the way for a significant rally, with Dogecoin potentially targeting new highs of up to $2.6 in the near term.

Dogecoin price
Source: X

The breakout of the descending triangle suggests short-term gains

In addition to the long-term widening wedge setup, Trader offers Tardigrade also identified a Breakout of a descending triangle on Dogecoin’s short-term price chart. This pattern, seen on the daily candlestick timeframe chart, also suggests an uptrend for Dogecoin.

Tardigrade noted: “Dogecoin has broken out of the descending triangle below. This chart pattern could lead to an explosive rise in $DOGE thereafter.” According to his analysis, the immediate price target for Dogecoin in this scenario is $0.56.

The convergence of these bullish chart patterns reinforces the bullish outlook for Dogecoin’s price performance. Together, these breakouts form a compelling argument for Dogecoin to continue its rally and eventually break through the $1 mark in the coming weeks. At the time of writing, Dogecoin has done this observed an increase in activity in the last few days. It is currently trading at $0.34 and is up 5.5% in the last seven days.

Dogecoin price chart from Tradingview.com
DOGE reclaims $0.34 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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