Return Of Meme Coin Mania? Dogecoin Price Is Gearing Up For a Massive Breakout, Analyst Points to These Key Signals
If you think meme coin mania happened in March and then stopped, you are probably not accurate. Whenever market recovers, meme coins are usually the first ones to produce big gains. This is why POPCAT or WIF are among top gainers today as the broader crypto market pumps.
But, what’s going on with the king of all memes? Well, Dogecoin’s market performance has not done badly over the past day, as its price saw a 5% pump. This means the DOGE price is now trading slightly below $0.11 resistance range.
A known analyst on X (formerly known as Twitter) who goes by “Ali Charts” shared with his 71.1k followers that DOGE is gearing up for a bullish breakout and two key signals should be watched.
What you'll learn 👉
Dogecoin Chart Analysis: Falling Wedge Indicates Potential Upside
Ali’s chart analysis indicated that DOGE is moving within a falling wedge pattern, which is seen as a bullish reversal indicator. The upper line of this wedge acts as resistance, while the lower boundary provides support.
As long as DOGE remains within this pattern, price fluctuations between these boundaries can be expected. A breakout beyond this wedge pattern could signal a shift upward.
Image Source: X/Ali_charts
Ali Charts suggests the price is trading just above the 0.786 Fibonacci level at $0.10067, providing a strong support base. A breakout from the wedge could drive DOGE higher, with potential targets of $0.12 and $0.15, based on Fibonacci extension levels.
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Show more +Key Signals: RSI and Resistance at $0.11
Ali pointed to two essential signals that could confirm a breakout for Dogecoin. The first is the RSI breaking above its descending trendline. This would indicate increased buying momentum, a key signal for a bullish move.
However, a pump past the $0.11 resistance level would confirm the breakout from the falling wedge. This $0.11 level correlates with the upper line of the wedge, making it a key resistance level.
Moreover, if the token breaks above this point, it could encourage further gains, with $0.12 and $0.15 being the next possible resistance levels.
Read Also: Near Protocol (NEAR) Price Surges, Reaches 5-Month Resistance Again: Will It Break Out?
Dogecoin Price Forecast
The analyst price targets correspond to the 0.618 and 0.382 Fibonacci levels, respectively, offering an upside potential of over 40%.
Finally, failure to break above these key signals could see DOGE testing lower levels, including the support around $0.089. Traders should closely monitor these technical indicators for further price action.
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