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Back in 2024, the Dogecoin price trended low for a significant amount of time, shattering expectations of a rally. However, with the year drawing to a close, the tides began to change and the meme coin saw its value rising. One crypto analyst that predicted the rise is World of Charts, who took to X (formerly Twitter), to share with their over 30,000 followers the formation of a falling wedge pattern and the eventual breakout that would lead to new yearly peaks.
Calling The Dogecoin Price Bottom
In September 2024, the Dogecoin price was still trending below $0.1 after months of consolidation with seemingly no end in sight. At the time, the crypto analyst called out that the altcoin was actually consolidating within a falling wedge pattern and could see a breakout from there. At the time, the target was placed at $0.3, a 300% increase, and once the breakout begun, the price would end up exploding even higher.
In the months following the prediction, the Dogecoin price would rise rapidly and the crypto analyst adjusted the target to $1. Although this new target was not reached, DOGE did go halfway, hitting $0.5 by November 2024, just two months after the initial prediction. This solidified the legitimacy of the breakout out of a falling wedge pattern, and now, it seems history is about to repeat itself again.
In a new post on X (formerly Twitter), the crypto analyst that the Dogecoin price could be seeing a repeat of 2024 again. The post highlighted that the meme coin is on the verge of a massive breakout, giving the same 300% prediction as the previous prediction.
Given that the Dogecoin price is currently trending at around $0.17 at the time of this writing, this would put the coin back on the way to $0.5. “Now Again Doge On Verge Of Massive Breakout, It Can Give Move Like Oct, Expecting 3x From Here,” the analyst said.
Bullish From Here On Out
Another crypto analyst, Jonathan Carter, has also shared the same sentiment as World of Charts and predicted that the Dogecoin price is also headed for a surge. This analysis which was published a day before also points out the breakout from a falling wedge pattern, setting four targets for the cryptocurrency.
If the break is successful, the crypto analyst puts DOGE at $0.18 first, and then continues on to $0.23. The last two targets are $0.29 and $0.34, suggesting that the meme coin would rise about 100% at the highest level.
Featured image from Dall.E, chart from TradingView.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
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