Falling Wedge on Dogecoin (DOGE) Chart Hints at Possible 3x Price Surge
- Dogecoin gained 5.88% in 24 hours to $0.1832, with traders looking for a breakout.
- Analyst Tardigrade sees a repeating falling wedge pattern, suggesting a potential 300% rally to $0.7328.
- Javon Marks predicts a short-term rise to $0.30 and long-term target of $0.65, backed by RSI divergence.
Dogecoin (DOGE) climbed above $0.18 today after recovering from a recent low of $0.165 recorded on May 6. The token has gained 5.88% in the past 24 hours and is up 2.20% over the past week. The rebound is sparking fresh interest among traders looking for signs of a larger move.
Trader Tardigrade, a well-followed market analyst, reviewed DOGEs chart against the total crypto market using a 3-day DOGE/Total chart. Dogecoin/Total signals an identical Falling Wedge. It seems ready to break out, he remarked. His analysis points to a repeating pattern that previously led to large gains.
The Tardigrade chart shows the first wedge formed around mid-2024, setting off an upward breakout that pushed Dogecoins price from $0.10 to $0.46 a 300% jump.. Following that surge, the price corrected and built another wedge pattern stretching from February to May 2025.
Dogecoin Bullish Setup Echoes Past Moves
This latest wedge reflects the earlier one, with narrowing price action and falling volume suggesting accumulation. The analyst believes the similarity indicates another possible breakout coming. If Dogecoin repeats its past performance, a 300% climb could lift its price from $0.1832 to about $0.7328.
Meanwhile, analyst Javon Marks observed another falling wedge on the 12-hour timeframe, spanning from a high of $0.50 in late 2024 down to a tightening range between $0.14 and $0.16. Recently, DOGE moved past the wedges upper trendline, often taken as a bullish sign that hints at higher prices.
Marks chart shows a curved arrow aiming for a parabolic move toward $0.30 in the short term. His longer-term projection sets a technical target at $0.65, suggesting a possible 254.8% increase from current levels if the trend holds.
The Relative Strength Index (RSI) adds strength to the bullish outlook. Between February and April 2025, while Dogecoins price moved to lower lows, the RSI showed higher lows. This positive divergence hints at weakening downward momentum, reinforcing the breakout narrative and opening the door to further gains.
Dogecoin Price Levels to Watch
Experts are watching the $0.19 mark closely. If Dogecoin closes above that level, the path toward $0.20 becomes clearer, with many viewing that as a key psychological barrier. Stronger derivatives sentiment, the chance of a short squeeze, and Bitcoins ongoing momentum could provide the push DOGE needs.
Bitcoins price above $98,000 also plays a role. When Bitcoin holds steady or climbs, meme coins often benefit from the liquidity boost. If this broader trend continues, Dogecoin may rise toward $0.28 to $0.30 by the end of 2025.
Still, risks remain. If the cryptocurrency cannot overcome resistance or Bitcoin loses strength, a drop back to $0.1640 or even $0.15 remains a possibility. Analysts believe a reasonable range for Dogecoin this year sits between $0.25 and $0.30, though price spikes toward $0.35 could occur if political events stir up fresh attention.
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Read more: https://www.tronweekly.com/dogecoin-chart-hints-at-possible-3x-surge/
Text source: TronWeekly
