The Dogecoin value exhibits robust bullish indications after exiting a Falling Wedge configuration. This breakout, coupled with a successful retest of the wedge structure, has sparked hopes of a possible price ascent, with a crypto analyst predicting a 50% surge to new peaks shortly.
Falling Wedge Breakout Indicator for Dogecoin Price Surge
Dogecoin has been fluctuating within a Falling Wedge setup since November 2024, with its value gradually constricting within a downward channel for a considerable time. A TradingView crypto analyst, Viprose, presented a graph illustrating a technical examination of Dogecoin on the daily chart, emphasizing significant price formations and predicting a 50% value elevation to new bullish aspirations for the meme currency.
Viprose revealed that DOGE recently exited the Falling Wedge and adequately retested its upper limit, affirming its bullish status. Given the recent occurrences, the analyst posits the meme currency aims for a new breakout through the crucial resistance area at the 0.618 Fibonacci mark, paralleling the $0.37 price level.
A Falling Wedge is deemed a bullish technical analysis chart formation that signals a possible trend reversal. This structure emerges when a cryptocurrency’s price declines while its movement range contracts.
Viprose has conveyed assurance that Dogecoin’s breakout and retest of this Falling Wedge could propel its price toward three new bullish objectives. The TradingView analyst shared various Fibonacci levels, which will serve as critical resistance zones before a potential leap toward the anticipated price targets.
Significantly, the Fibonacci levels at 0.618, 0.5, 0.382, 0.236, and 0 have been emphasized on the Dogecoin chart, highlighting important resistance thresholds the meme currency must surpass to achieve its first bullish aim of $0.48656. For DOGE to attain this value, it needs to appreciate by nearly 50% from its current market price.
The analyst has also established Dogecoin’s subsequent price goal at $0.57395, suggesting that sustained bullish momentum could elevate the meme currency to this price ceiling if it successfully surpasses $0.48. This positive prediction implies that Dogecoin’s value would need to climb by around 72%.
The third and final target suggested by the TradingView analyst is $0.66554. Should Dogecoin reach this price, it would indicate a rise of approximately 100% from its current market valuation. Remarkably, Viprose’s forecast for DOGE coincides with essential resistance areas if the meme currency intends to strive for a new all-time record. At the moment, the altcoin is down over 50% from its ATH value of $0.73, reached during the prior bullish cycle in 2021.
Analyst Predicts Initial Decline for Dogecoin Price
While Viprose remains upbeat regarding a Dogecoin price surge to these three targets—$0.48, $0.57, and $0.66—another notable TradingView analyst, ‘MMBTrader,’ has articulated a more pessimistic perspective on the meme currency.
MMBTrader recognized that the previously mentioned projected price levels were “reasonable targets” for Dogecoin. Nonetheless, the analyst is of the opinion that the meme currency will experience a considerable price correction before commencing its forthcoming bullish rally. As of the time of this writing, the DOGE price is trading at $0.33, reflecting a significant decrease of 9.4% over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com
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