Dogecoin (DOGE) Price On Track For A 95% Jump, Analysts Concur
NOIDA (CoinChapter.com)—Dogecoin (DOGE) has recently been hovering near the $0.10 mark, experiencing fluctuations as it encounters strong resistance near $0.11. Despite recent price fluctuations, traders remain bullish on Dogecoin due to whale accumulation, rising network activity, and favorable technical indicators.
The memecoin recorded more than 1.93 million transactions in the past week, highlighting the growing interest in Dogecoin.
Bullish Analysts Predict a Breakout for Dogecoin
Despite the short-term sideways movement, several analysts project a bullish future for Dogecoin. Analyst Zer0 recently highlighted that DOGE may trade sideways for a while, potentially leading traders to lose faith in the token’s potential.
Crypto analyst Zer0 remained bullish on Dogecoin price.
However, Zer0’s prediction paints a highly optimistic long-term picture. The analyst stated that Dogecoin would likely break through its previous all-time highs and believes the token will “slice through previous all-time highs like it’s nothing” once the market reaches a tipping point.
Kaleo’s chart analysis aligns with this view, showing DOGE in a long consolidation pattern that typically precedes a significant breakout. The analyst stated that DOGE could paint a potential breakout by late 2024, supported by whale accumulation and increasing network activity.
Kaleo noted that DOGE might consolidate more before breaking out.
Kaleo’s chart suggests that the current accumulation phase could act as a foundation for a powerful rally, pushing the token past key resistance levels, such as $0.115.
The price action aligns with historical behavior, where strong upward movements often follow extended consolidation periods. Furthermore, analysts point to a falling wedge pattern forming on the charts, typically resolving in favor of bulls.
If buying pressure sustains and DOGE breaks through key resistance levels, such as $0.115, the stage could be set for a broader rally heading into 2025.
DOGE USD Paints Bullish Setup
The DOGE USD pair has formed a bullish technical setup called the ‘falling wedge.‘
DOGEUSD pair formed a bullish setup with a 96% upside target. Source: Tradingview
Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal. The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout.
The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, reinforcing market confidence and the likelihood of success.
According to technical analysis rules, the DOGE USD conversion rate might rally over 96% from its current level to reach the pattern’s projected target of around $0.204.
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