Dogecoin might be on the verge of a huge price jump, potentially reaching $1! That’s the prediction from a crypto analyst, who’s noticed a pattern.
The Falling Wedge Pattern
This analyst, known as Trader Tardigrade, is seeing a “Falling Wedge” pattern in Dogecoin’s price chart. This pattern is often a sign that a price is about to reverse and go up. Think of it like a narrowing funnel – the price is squeezed between two downward-sloping lines, and then boom, it breaks out.
Past Performance Predicts Future Gains?
Trader Tardigrade points to three previous times Dogecoin broke out of a Falling Wedge:
- November 2023: An 88% price increase to around $0.11.
- March 2024:
A 208% jump, peaking between $0.22 and $0.25. - Another time in November: A massive 445% surge to $0.40.
Based on this history, the analyst believes the current Falling Wedge breakout could send Dogecoin soaring to as high as $1.50 – a potential 650% increase from its current price.
A Recent Dip? No Problem!
Recently, Dogecoin’s price dropped by 57%. But Trader Tardigrade isn’t worried. He notes that similar drops of over 55% happened in previous bull runs (2017 and 2020), followed by strong rebounds. He suggests that once Dogecoin retests a key support level, another big price rally could be on the horizon. Essentially, he sees this recent dip as a temporary setback before another surge.
