The Dogecoin price has shown strong bullish signals after breaking out of a Falling Wedge formation, sparking optimism among investors and analysts for a potential price rally. A crypto analyst, Viprose, has forecasted a 50% jump to new highs for the meme coin in the near future.
Dogecoin has been trading within a Falling Wedge pattern since November 2024, with its price gradually tightening within a descending range. Viprose shared a chart on TradingView, highlighting key price patterns and predicting a significant price increase for Dogecoin. The analyst noted that DOGE recently broke out of the Falling Wedge and successfully retested its upper boundary, confirming its bullish position.
The analyst believes that Dogecoin is now targeting a new breakout through the key resistance zone at the 0.618 Fibonacci level, corresponding with a price point of $0.37. A Falling Wedge pattern is considered a bullish technical analysis chart pattern that indicates a potential trend reversal, and Viprose is confident that Dogecoin’s breakout and retest of this pattern could push its price to three new bullish targets.
The first target set by the analyst is $0.48656, which would require Dogecoin to increase by almost 50% of its current market value. The second target is $0.57395, indicating a potential 72% increase, and the third target is $0.66554, representing a gain of about 100% from its current market price. These targets align with key resistance zones as Dogecoin aims for a new all-time high.
However, another prominent TradingView analyst, MMBTrader, has shared a more bearish outlook for Dogecoin. While acknowledging the potential for the meme coin to reach the projected price levels, MMBTrader believes that Dogecoin will undergo a significant price correction before embarking on its next bullish rally.
At the time of writing, Dogecoin is trading at $0.33, marking a decline of 9.4% in the last 24 hours. Investors and traders will be closely monitoring the price movements of Dogecoin in the coming days to see if it can sustain its bullish momentum and reach the forecasted price targets.