Dogecoin (DOGE) flashes some potential bullish reversal signal as a crypto analyst points out a breakout setup on the medium-term chart. The analyst’s chart points to a tightening Falling Wedge within the 12-hour timeframe, signaling a possible shift in momentum after weeks of continued decline. With prices falling towards the top of the Falling Wedge, he has predicted that Dogecoin could soon see an explosive price increase of 80-80%.
Falling wedge pattern points to massive Dogecoin breakout
Crypto market expert Clifton Fx has done just that issued a new Dogecoin update on X, which draws attention to a clear Falling wedge formation on the 12-hour chart. The chart shows that Dogecoin is moving downward within the two converging trend lines of this wedge – a pattern that often precedes strong bull rallies. If a falling wedge appears, it usually signals the end of a consolidation phase facilitated by a correction.
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Dogecoin’s recent rebound after wedge support suggests the market could be preparing for a massive outbreak. Building on this, Clifton Fx’s chart analysis shows that the wedge has reached a stage where volatility typically tightens before an expansion occurs, making the next few sessions crucial for a bullish confirmation.
The expert’s analysis suggests that once DOGE price breaks above the Falling Wedge’s upper trendline, the cryptocurrency could see a massive bull rally of 80% to 90% in the days following the breakout. Dogecoin is currently trading at $0.15, reflecting the broader market decline that has sent the meme coin down more than 23% in just over a month. If the price can initiate a recovery above 80%, it would reverse recent losses and also push Dogecoin towards the $0.27 to $0.29 range.
DOGE cyclical pattern signals a $5 rise by 2026
A pseudonymous crypto analyst, Bark, shares similar bullish sentiments on Dogecoin’s future and takes a broader view of the meme coin. praise behavior over multiple market cycles to decipher the next move. The accompanying chart charts DOGE’s historical patterns since 2014, illustrate two major cycles characterized by long periods of accumulation and followed by explosive price increases.
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Each cycle was defined by similar chart structures, including a rounded base and consolidation zones that preceded each upward ascent. According to Bark, Dogecoin seems to be replicating the fractal formation from previous cycles. The first cycle in 2017 and the second in 2021 showed long accumulation periods before sharp vertical breakouts of about 5,858% and 21,457%, respectively.
If the same historical pattern repeats itself in this cycle, Bark has predicted that Dogecoin could set the stage for a massive bull rally to $5 by 2026. The chart shows that an increase to this level from DOGE’s current price of $0.15 could represent a staggering 4.447% increase.
Featured image of Peakpx, chart from Tradingview.com