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Dogecoin Price To Break Out Of Falling Wedge Pattern To $0.65 If This Level Holds | Bitcoinist.com
Dogecoin Price Set For $0.65 Break Out
On March 14, Marzell, an X (formerly Twitter) crypto analyst, presented a technical analysis of the Dogecoin price, predicting a substantial price breakout to $0.65 for the popular meme coin. According to the analyst, DOGE is currently trading above the $0.14750 Fibonacci level, a critical zone that could determine the cryptocurrency’s next move.
Related Reading: Dogecoin Price Could See 4,250% Explosion To $8.5, Here’s WhyThe analyst identified the formation of a Falling Wedge pattern on the Dogecoin chart. He noted that the meme coin is showing signs of breaking out of this key technical pattern, signaling a possible uptrend
Typically, a Falling Wedge pattern is considered a positive indicator of a bullish reversal in a cryptocurrency. The technical chart formation usually appears during downtrends, suggesting that a coin’s weakened momentum is finally letting up
On the flip side, Marzell has shared a potential bearish case scenario for the Dogecoin price. The analyst disclosed that a failure to maintain the 0.14750 Fib level could lead to possible sideways action before another break-out attempt.
Right now, DOGE is trading at $0.17 after experiencing a significant downtrend as broader market volatility took a toll on its price. A rally to $0.65 would represent a massive 282% increase from its current market value
Analyst Says DOGE Can Still Go Parabolic
Currently, technical analysis of the Dogecoin price, spread across X, has been majorly hinting at a potential rally to new highs. Ali Martinez, a well-known market expert, has also shared his bullish outlook for the meme coin
Related Reading: Dogecoin Price Stages Bounce From Lower Border Of Second Falling Wedge, New Targets Unlocked?The analyst has announced that Dogecoin still has the chance to go parabolic in this bull cycle. Recently, the meme coin faced disappointing market performance, crashing by more than 60% over the past month.
Despite this downtrend, Martinez remains confident that Dogecoin could flip present bearish conditions to experience a parabolic surge. Looking at the price chart, DOGE seems to be moving within an Ascending Channel. The trajectory of the channel indicates that the meme coin is getting ready to hit a new all-time high of $3 if it can hold the support level at $0.16. With DOGE’s price at $0.17 as of writing, this would mean a massive 1,665% increase.