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. One crypto analyst that predicted the rise is World of Charts, who took to X (formerly Twitter), to share with their over 30,000 followers the formation of a falling wedge pattern and the eventual breakout that would lead to new yearly peaks.
Calling The Dogecoin Price Bottom
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 pointed out that the altcoin was actually consolidating within a falling wedge pattern and could see a breakout from there. The target was placed at $0.3, predicting a substantial 300% increase, and once the breakout began, the price would end up exploding even higher.
In the months following the prediction, the Dogecoin price rose rapidly, prompting the crypto analyst to adjust the target to $1. Although this new target was not reached, DOGE did achieve an impressive $0.5 by November 2024, just two months after the initial prediction. This solidified the validity of the breakout from the falling wedge pattern, and now, it seems history may be poised to repeat itself.
In a new post on X (formerly Twitter), the analyst indicated that the Dogecoin price could be heading for a similar scenario as in 2024. The post emphasized that the meme coin is on the verge of a significant breakout, echoing the same 300% prediction as before.
Given that the Dogecoin price is currently trending around $0.17 at the time of this writing, this would suggest a return towards the $0.5 mark. “Now Again Doge On Verge Of Massive Breakout, It Can Give Move Like Oct, Expecting 3x From Here,” the analyst stated.
Bullish From Here On Out
Echoing the sentiments of World of Charts, another crypto analyst, Jonathan Carter, has expressed optimism about the Dogecoin price surging. His analysis, which was published a day earlier, also highlights the breakout from the falling wedge pattern, setting four ambitious targets for the cryptocurrency.
If the breakout proves successful, the analyst projects DOGE to reach $0.18 initially, followed by targets of $0.23, $0.29, and ultimately $0.34, suggesting a potential rise of about 100% at the highest level.
Featured image from Dall.E, chart from TradingView.com
