Dogecoin Breaks Out, Signals Potential 170% Moonshot: Analyst
Dogecoin breaks out of a falling wedge pattern, signaling the potential for a bullish trend reversal, according to a prominent market watcher.Dogecoin (DOGE) has shown significant upward momentum over the past week, rising from around $0.16 to slightly over $0.18 between April 19 and April 25, 2025. This 7-day performance reflects a solid 17.2% increase, with a 24-hour figure of +6.1%. The recent price surge is accompanied by a breakout from a falling wedge pattern, signaling a potential for further gains.Dogecoin Breaks OutThe breakout from the falling wedge pattern is a notable technical development, often seen as a bullish reversal signal. According to an analyst on TradingView, the pattern had previously held DOGE within a downtrend, testing resistance at $0.28 in February and again at $0.16 in April. Notably, the recent breakout, which occurred near the $0.18 mark, comes with rising volume and reclaiming previous support levels. These indicators suggest a potential trend reversal and a continuation of the upward movement.The falling wedge pattern typically signals a shift from a bearish to a bullish trend, and DOGEs breakout aligns with this. With strong support at the $0.143 and $0.16 levels, the analyst is targeting a price of approximately $0.46, representing a 170.59% rise from the current value.
Text source: The Crypto Basic
