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 have fueled optimism about a possible price rally, with one crypto analyst predicting a 50% surge to new highs soon.
Falling Wedge Breakout Signals Dogecoin Price Rally
Dogecoin was Trade in a falling wedge pattern since November 2024, with the price gradually narrowing in a descending range for some time. A TradingView crypto analyst, Viprose, divided A chart showing technical analysis of Dogecoin on the daily timeframe, highlighting key price patterns and predicting a 50% price increase to new bullish targets for the meme coin.
Viprose recently announced this for DOGE broke out of the falling wedge and successfully retested its upper limit, confirming its bullish position. Based on the recent development, the analyst believes that the meme coin is aiming for a new breakthrough Key resistance zone at the Fibonacci level of 0.618, which corresponds to the price point of $0.37.
A falling wedge is considered a bullish technical analysis chart pattern that indicates a possible trend reversal. This pattern occurs when the price of a cryptocurrency falls while the range of its movement narrows.
Viprose has expressed confidence that Dogecoin’s breakout and retest of this falling wedge could push its price to three new bullish targets. The TradingView analyst shared several Fibonacci levels that would act as key resistance areas ahead of a possible rise to the forecast price targets.
In particular, the Fibonacci values at 0.618, 0.5, 0.382, 0.236 and 0 were highlighted Dogecoin chartThis highlights key resistance levels that the meme coin must overcome to reach its first bullish target of $0.48656. For DOGE to reach this price, it needs to rise by almost 50% of its current market value.
The analyst has also hired Dogecoin’s next price target at $0.57395, suggesting that sustained bullish momentum could push the meme coin to this price high if it successfully rises above $0.48. This optimistic forecast suggests that the price of Dogecoin needs to rise by around 72%.
The third and final target predicted by the TradingView analyst is $0.66554. Should Dogecoin reach this price, it would be a gain of around 100% over the current market price. Interestingly, Viprose’s forecast for DOGE coincides with key resistance zones should the meme coin target one new all-time high. Currently, the altcoin is more than 50% below its ATH price of $0.73 reached during the previous bull run in 2021.
Analyst says Dogecoin price will initially decline
While Viprose is bullish on Dogecoin price rising to these three targets – $0.48, $0.57 and $0.66 – another well-known TradingView analyst, “MMBTrader,” has provided further details Bearish outlook for the meme coin.
MMBTrader recognized that the above predicted price levels are “good targets” for Dogecoin. However, the analyst believes that the meme coin will undergo a transformation significant price correction before its next upward rally. At the time of writing, DOGE price is at $0.33, marking a notable decline of 9.4% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com