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.
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.
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.
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.
Featured image from Adobe Stock, chart from Tradingview.com
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