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Dogecoin

Dogecoin Price About To Complete 4th Falling Wedge Breakout Of The Cycle Toward $1

Scott Matherson
by Scott Matherson
7 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin price could be gearing up for an explosive rally to $1 as technical indicators suggest the meme coin is about to complete its fourth Falling Wedge pattern. A crypto analyst reveals that past breakouts from similar formations have led to strong price rallies, with the highest gain of 445% recorded in previous cycles. 

Falling Wedge Signals Major Breakout For Dogecoin Price

According to Trader Tardigrade on X (formerly Twitter), Dogecoin is set to breakout of its fourth Falling Wedge pattern, signaling the potential of a surge above $1. The analyst presented a technical analysis of the Dogecoin price, using past Falling Wedges and historical price action to support his bullish outlook.

Related Reading: Game Over For Dogecoin? Double Top Pattern Puts Price Below $0.2 This Quarter

For more clarity, a Falling Wedge is a bullish technical pattern that often signals a potential trend reversal. It forms when a cryptocurrency’s price action creates two downward converging trendlines, signifying a period of consolidation during a downtrend, with the expectation of a price breakout or an uptrend continuation. 

Based on the analyst’s chart, the Falling Wedge has historically signaled strong bullish momentum for Dogecoin, with each breakout triggering a price rally that surpassed the last. After a breakout from the Falling Wedge in November 2023, the meme coin performed exceptionally, recording an 88% gain that pushed it to the $0.11 price high.

Dogecoin
DOGE eyes breakout to new all-time highs | Source: Trader Tardigrade on X

Similarly, in March 2024, Dogecoin broke out of its second Falling Wedge and initiated a rapid 208% price rally to new highs. At the time, the cryptocurrency hit a peak of between $0.22 and $0.25. In November, which marked the meme coin’s third Falling Wedge breakout, Dogecoin experienced a price surge, jumping by 445%, to reach $0.4.

Based on these historic bullish trends, Trader Tardigrade predicts that DOGE could mirror a similar Falling Wedge break-out pattern, potentially triggering a powerful price surge to $1.5. This would represent a 650% increase from its current price of $0.2, in line with past Falling Wedge breakouts that have consistently fueled higher gains. 

Analyst Says DOGE 2025 Bull Run Incoming

In another more recent X post, Trader Tardigrade highlighted that Dogecoin is experiencing downward pressure, which has caused its price to plummet by 57%. However, according to the analyst‘s report, this crash isn’t a cause for alarm, as Dogecoin has historically rebounded swiftly after experiencing similar declines of over 55% in previous bull cycles.

Related Reading: Why Is Dogecoin And Shiba Inu Price Struggling Today?

During the 2017 and 2020 bull cycles, DOGE experienced a 60% and 56% decline, respectively. After retesting a key level in both cycles, the cryptocurrency underwent a rapid price rally to new highs. Based on this trend, Trader Tardigrade predicts that once Dogecoin reaches a similar retest level, a massive bull run could be imminent. 

Dogecoin
DOGE trading at $0.20 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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