Dogecoin price displayed strong bullish signals after coming out of Falling Wedge training. The breakout and a successful retest of the wedge pattern fueled optimism over 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 trade using a Falling Wedge model since November 2024, its price has been gradually tightening in a descending range for some time now. A TradingView crypto analyst, Viprose, common a chart showing technical analysis of Dogecoin on the daily time frame, highlighting key price patterns and predicting a 50% price increase from new bullish targets for the meme coin.
Viprose revealed that DOGE recently came out of the Falling Wedge and successfully retested its upper limit, confirming its bullish stance. Due to the recent development, the analyst believes that the meme coin is aiming for a new breakthrough across the key resistance zone at the 0.618 Fibonacci level, corresponding to the price of $0.37.
A falling wedge is considered a bullish technical analysis chart pattern that indicates a potential trend reversal. This trend forms when the price of a cryptocurrency falls while its range of movement narrows.
Viprose 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, which would act as key resistance zones ahead of a possible rise in projected price targets.
Notably, the Fibonacci levels at 0.618, 0.5, 0.382, 0.236 and 0 were highlighted on the Dogecoin Charthighlighting key resistance levels that the meme coin must overcome to reach its first upside target of $0.48656. For DOGE to reach this price, it must increase by almost 50% of its current market value.
The analyst also defined Dogecoin’s Next Price Target at $0.57395, indicating that continued bullish momentum could lead the meme coin to this high price if it manages to surpass $0.48. This optimistic forecast suggests that the price of Dogecoin will need to increase by around 72%.
The third and final target projected by the TradingView analyst is $0.66554. If Dogecoin reaches this price, it would represent a gain of approximately 100% from its current market price. Interestingly, Viprose’s predictions for DOGE align with key resistance zones if the meme coin targets a new absolute record. Currently, the altcoin is down over 50% from its ATH price of $0.73, reached during the previous bull run in 2021.
Analyst says Dogecoin price will decline first
While Viprose is optimistic that Dogecoin prices will rise towards these three targets ($0.48, $0.57, and $0.66), another prominent TradingView analyst, “MBTrader,” shared more analysis. in-depth. 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 coin itself will suffer a significant price correction before embarking on its next bullish rally. At the time of writing, DOGE price is trading at $0.33, marking a notable 9.4% decline over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com