The Dogecoin price is currently bouncing off the lower border of a Falling Wedge pattern, signaling the potential for a strong upward momentum. A crypto analyst has explained that if the cryptocurrency can break above this boundary, it could reach several new bullish targets soon.
Dogecoin Price Next Bullish Targets
Dogecoin is showing signs of a potential bullish reversal from downtrends as it bounces from the lower boundary of its second Falling Wedge formation. A Falling Wedge is considered a bullish technical pattern that appears when a cryptocurrency’s price forms two converging trend lines sloping downward. It indicates a possible recovery from bearish trends and a subsequent price surge after breaking above the upper trend line.
According to Rose Premium Signals on X (formerly Twitter), the Dogecoin price action suggests that it may be gearing up for a major breakout. The meme coin recently touched a critical support zone near $0.16896, where buyers stepped in to halt the downtrend. This price level marks the lower boundary of the second Falling Wedge, on which Dogecoin is currently bouncing.
A sharp bounce from the $0.16896 level could reignite previous bullish momentum, signaling that the worst of the correction may be over. In the last few weeks, DOGE’s price has been in a prolonged decline, driven by a broader market downturn and Bitcoin’s volatility. The meme coin is currently consolidating below the $0.2, aiming to stabilize its price after rallying to new highs earlier this year.
Rose Premium Signals has shared a 3-day chart indicating a gradual decline in Dogecoin’s selling pressure. If the meme coin successfully breaks above the Falling Wedge’s descending resistance, the analyst predicts a potential rally toward four major bullish targets.
The first target is $0.23, a key resistance level where profit-taking may occur. The second target is $0.287, a former support level turned resistance. The third is $0.340, which will mark a significant breakout that could fuel further gains. Lastly, the analyst predicted a long-term price target of $0.445 if DOGE can maintain its bullish momentum.
Looking at the trajectory of the analyst’s Dogecoin chart, the meme coin is expected to hit $0.445 before descending to the $0.291 support level. Subsequently, this decline is set to trigger another significant rally, pushing the meme coin’s price above $0.56.
DOGE Price Decline Fuel Whale Accumulation
The Dogecoin price is currently trading at $0.19 after crashing by more than 10% in just one day. CoinMarketCap’s data reveals that Dogecoin experienced a slight price surge above $2 recently, but it failed to maintain its bullish momentum, leading to its present declined state.
Amidst this volatility and price crashes, Dogecoin whales are accumulating tokens at an alarming pace. A crypto analyst and Dogecoin supporter identified as the ‘Dogegod’ on X announced that these deep-pocketed investors have bought another 40 million DOGE tokens in the last 24 hours. This lofty purchase is equivalent to $30 million, signaling an increasing interest in the popular meme coin.
Featured image from Unsplash, chart from Tradingview.com
