The Dogecoin price looks primed for a powerful surge after a crypto analyst identified a bullish Falling Wedge pattern on its monthly chart. According to the analyst, Dogecoin has just broken above this pattern, potentially confirming a market bottom. This breakout has paved the way for a possible 95.74% rally toward a new price target.
Falling Wedge Breakout To Spark Dogecoin Price Surge
In a recent technical analysis on TradingView, market analyst ‘CryptoWithJames’ disclosed that the Dogecoin price has been trading within a bullish Falling Wedge chart pattern since November 2024. As such, the analyst has predicted that the Dogecoin price could soon see a staggering 95.74% rally to new highs.
Typically, the formation of a Falling Wedge is seen as a bullish reversal pattern characterized by two downward-sloping trendlines, with one connecting lower highs and the other lower lows. This setup often forms after an extended downtrend, signaling that selling pressure may be waning and a potential uptrend reversal is approaching.
Like most meme coins in the market, Dogecoin has been in a prolonged downtrend following its price higher earlier last year. The meme coin has struggled to reclaim previous highs, leading to a drastic decline in value and investor sentiment.
Previously, DOGE was consolidating within this Falling Wedge, getting squeezed tighter toward the end of the pattern. However, CryptoWithJames has announced a recent breakout above the upper trendline of the wedge — a classic bullish signal indicating that Dogecoin may have found a market bottom around the $0.14-$0.16 range.
The TradingView analyst projects a measured move from the breakout range, targeting a massive price surge to $0.30. This would represent a potential 95.74% gain from current market levels. The forecast also aligns with the historical performance following a similar Falling Wedge pattern in the crypto market, where breakouts often lead to swift, substantial gains.
Analyst Predicts DOGE’s Next Price This Week
In a separate analysis, Ali Martinez, a prominent crypto analyst, shared on X (formerly Twitter) that Dogecoin is gearing up for a major bullish breakout this week. The market expert shared a price chart, highlighting that DOGE is currently hovering near the 0.618 Fibonacci level while maintaining support above the long-term Ascending Triangle.
This trendline, which has acted as a solid ground for multiple price rallies over the past year, intersects with the $0.13 level, making it a crucial support area. Based on Martinez’s forecast, if the Dogecoin price can see a weekly close above $0.17, it could set the stage for a climb toward higher resistance levels at $0.21, $0.29 and potentially $0.48. These price targets correspond to the 0.382, 0.236, and 0 Fibonacci levels, respectively.
While Martinez’s outlook for Dogecoin appears optimistic, this bullish scenario still hinges on whether its price can maintain support above $0.13. Consequently, a breakdown below the support level could invalidate the bullish setup and push DOGE’s price into a deeper retracement, potentially targeting lower Fibonacci levels near $0.12, $0.088, and $0.055.
