Dogecoin Price Breaks Out Of Falling Wedge Formation, Is A 50% Jump Possible From Here?
The post Dogecoin Price Breaks Out Of Falling Wedge Formation, Is A 50% Jump Possible From Here? appeared on BitcoinEthereumNews.com.
The Dogecoin price displays strong bullish signals after breaking out of a Falling Wedge formation. The breakout and a successful retest of the wedge pattern have fueled optimism of a potential price rally, with a crypto analyst forecasting a 50% jump to new highs soon. Falling Wedge Breakout Signal Dogecoin Price Rally Dogecoin has been trading in a Falling Wedge pattern since November 2024, with its price gradually tightening within a descending range for some time now. A TradingView crypto analyst, Viprose, shared a chart showing a 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 disclosed that DOGE recently broke out of the Falling Wedge and successfully retested its upper boundary, confirming its bullish position. Due to the recent development, the analyst believes the meme coin targets a new breakout through the key resistance zone at the 0.618 Fibonacci level, corresponding with the $0.37 price point. A Falling Wedge is considered a bullish technical analysis chart pattern that indicates a potential trend reversal. This pattern forms when a cryptocurrency’s price falls while the range of its movement tightens. DOGE in a prolonged falling wedge pattern | Source: Viprose on Tradingview 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, which would act as key resistance areas before a potential surge to the projected price targets. Notably, the Fibonacci levels at 0.618, 0.5, 0.382, 0.236, and 0 have been highlighted on the Dogecoin chart, underscoring key resistance levels the meme coin must overcome to hit its first bullish target of $0.48656. For DOGE to reach this price, it must increase by almost…
Filed under: News - @ January 21, 2025 10:28 pm