Crypto analyst Trader Tardigrade has outlined a possible bullish development on the Dogecoin chart that could send the price sky-high. If this breakout were to play out as the analyst predicts, then the Dogecoin price could be looking at a brand-new all-time high in the next year.
Bitcoin Breaking Out Of Falling Wedge Pattern
In the analysis posted on the X (formerly Twitter) platform, the pseudonymous crypto analyst who goes by the name Trader Tardigrade on the social media platform, pointed out that the Dogecoin price has been in a Falling Wedge. This Falling Wedge has persisted as the price had succumbed to bearish pressure which eventually saw it fall below $0.1.
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However, the bullish part about Falling Wedge patterns like the one observed on the Dogecoin chart is when the price finally breaks out of it. Usually, a breakout of a Falling Wedge pattern often signals the end of a downtrend and could trigger a rise to new peaks.
This could be the case this time for the Dogecoin price after the analyst explains that the Falling Wedge pattern may be coming to an end. According to the post, the price chart shows early signs of a breakout of the falling wedge pattern. This means that the breakout is not completely confirmed, but it shows there is hope for the Dogecoin price.
Not only is the Dogecoin price breaking out of the Falling Wedge pattern, there is also a repeat of the previous Falling Wedge patterns that have led to a new all-time high for the Dogecoin price. As the crypto analyst explains, there is nothing that suggests that the DOGE price will not repeat the breakout of the previous cycles from both 2017 and 2021.
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How High Can Dogecoin Rise?
Looking at the chart, the crypto analyst expects that this breakout will be significant for the Dogecoin price. Currently trading just below $0.13, the DOGE price is still a long way from its $0.7 all-time high from 2021. However, this may not be for much longer if the breakout is confirmed.
Trader Tardigrade puts the target for the DOGE breakout as high as $1.6. This would mean a 1,150% price surge from its current price, putting the meme coin at a brand-new all-time high.
Featured image created with Dall.E, chart from Tradingview.com