Dogecoin (DOGE) price looks primed for a powerful surge after a crypto analyst identified a bullish Falling Wedge pattern

According to the analyst, Dogecoin has just broken above this pattern, potentially confirming a market bottom. This breakout has paved the way for a possible 95.74% rally toward a new price target.

The crypto analyst who predicted a 1,000% rally for Bitcoin earlier this year has identified a technical pattern that could spark a 95.74% surge for Dogecoin.

Dogecoin (DOGE) Could Soar 95.74% After Key Breakout

As seen on the monthly chart, Dogecoin has been forming a bullish Falling Wedge chart pattern since November 2024. This pattern occurs when two converging trendlines connect a series of lower highs and lower lows, typically forming after an extended downtrend. The setup signals that selling pressure may be waning and a potential uptrend reversal is approaching.

After an extended decline, the crypto has encountered support around the $0.14-$0.16 range, where it appears to have found a bottom and started to rebound. This breakout has carried Dogecoin above the upper trendline of the wedge — a classic bullish signal.

The analyst, known as CryptoWithJames on TradingView, predicts that the Dogecoin price could soon see a staggering 95.74% rally to new highs. This forecast is based on a measured move from the breakout range, which targets a surge to $0.30.

Moreover, the integration of the Falling Wedge pattern into a broader technical analysis provides a complete picture of Dogecoin’s price movements and potential future trends.

This pattern is commonly used in technical analysis to identify potential reversals of existing trends. It is characterized by two converging trendlines, with one connecting a series of lower highs and the other connecting a series of lower lows.

Typically, the pattern forms during a downtrend as the price oscillates to new lower highs and new lower lows, with each swing in the trend becoming smaller. This signals that the downtrend is losing strength and may soon reverse.

Next Levels For DOGE This Week

In a separate analysis, crypto analyst Ali Martinez has shared that Dogecoin is gearing up for a major breakout this week.

The market expert shared a price chart, highlighting that DOGE is currently hovering near the 0.618 Fibonacci level while maintaining support above the long-term Ascending Triangle.

This trendline, which has acted as a solid ground for multiple price rallies over the past year, intersects with the $0.13 level, making it a crucial support area.

According to Martinez’s forecast, if the Dogecoin price can sustain a weekly close above $0.17, it could pave the way for a climb toward higher resistance levels at $0.21, $0.29 and potentially $0.48.

These price targets correspond to the 0.382, 0.236, and 0 Fibonacci levels, respectively.

However, if DOGE fails to hold above the $0.13 support and breaks down, it could push the coin into a deeper retracement, potentially targeting lower Fibonacci levels near $0.12, $0.088, and $0.055.