The Dogecoin Price Trended Low for a Significant Amount of Time, Shattering Expectations of a Rally

Back in 2024, the Dogecoin price trended low for a significant amount of time, shattering expectations of a rally. However, with the year drawing to a close, the tides began to change and the meme coin saw its value rising.

In the vast and ever-changing realm of cryptocurrencies, meme coins have carved out a unique space with their playful nature and potential for substantial gains. Among the most popular meme coins is Dogecoin (CRYPTO:DOGE), which has seen its fair share of ups and downs over the years.

As 2024 draws to a close, one crypto analyst has looked back on a prediction they made earlier in the year that saw the Dogecoin price smash through a technical pattern and bring massive gains to those who got involved.

Falling Wedge Pattern Brings 300% Gains

Back in September 2024, the Dogecoin price was still trending below $0.1 after months of consolidation with seemingly no end in sight. At the time, the crypto analyst, known on X (formerly Twitter) as World of Charts and followed by over 30,000 people, called out that the altcoin was actually consolidating within a falling wedge pattern and could see a breakout from there.

At the time, the crypto analyst placed a target of $0.3, which would represent a 300% increase from the breakout level. The analyst also noted that once the breakout began, the price would end up exploding even higher. In the months following the prediction, the Dogecoin price would rise rapidly and the crypto analyst adjusted the target to $1.

Although this new target was not reached, DOGE did go halfway, hitting $0.5 by November 2024, just two months after the initial prediction. This quickly adjusted the minds of any doubters and solidified the legitimacy of the breakout out of a falling wedge pattern.

Now, it seems history is about to repeat itself again. In a new post on X (formerly Twitter), the crypto analyst stated that the Dogecoin price could be seeing a repeat of 2024 again. The post from the analyst highlighted that the meme coin is on the verge of a massive breakout, giving the same 300% prediction as the previous prediction.

Given that the Dogecoin price is currently trending at around $0.17 at the time of this writing, this would put the coin back on the way to $0.5. “Now Again Doge On Verge Of Massive Breakout, It Can Give Move Like Oct, Expecting 3x From Here,” the analyst said.

Another crypto analyst, Jonathan Carter, has also shared the same sentiment as World of Charts and predicted that the Dogecoin price is also headed for a surge. This analysis which was published a day before also points out the breakout from a falling wedge pattern, setting four targets for the cryptocurrency.

If the crypto analyst’s analysis is anything to go by, then the breakout from the falling wedge pattern is now complete and has set the meme coin on a course for a 100% rally.

According to Carter, the first target to watch out for is $0.18, which would mark a 50% increase from the breakout level. After that, the next resistance level is at $0.23, where he predicts the rally will slow down a bit. The last two targets are $0.29 and $0.34, suggesting that the meme coin would rise about 100% at the highest level.