Dogecoin Set for 1,150% Surge as It Breaks Falling Wedge

Crypto analyst Trader Tardigrade has highlighted a potentially bullish trend on the Dogecoin chart that could drive the price to new heights. If the anticipated breakout occurs as the analyst suggests, Dogecoin could be poised to reach a new all-time high within the next year.

Bitcoin Breaking Free From Falling Wedge Formation

In a recent analysis shared on the X (formerly Twitter) platform, the anonymous crypto analyst known as Trader Tardigrade mentioned that the Dogecoin price has been trapped in a Falling Wedge formation. This Falling Wedge has remained intact as the price faced bearish pressure, causing it to dip below $0.1.

However, the optimistic aspect of Falling Wedge formations, such as the one visible in the Dogecoin chart, lies in the potential breakout. Typically, breaking out of a Falling Wedge signifies the conclusion of a downtrend and may instigate a climb to new highs.

This scenario might be unfolding for Dogecoin, as the analyst indicates that the Falling Wedge pattern could be nearing its conclusion. The chart analysis reveals early indications of a possible breakout from the wedge pattern. While the breakout isn’t fully confirmed, it suggests that there is optimism for Dogecoin’s future.

In addition to breaking out of the Falling Wedge pattern, there’s a resemblance to prior Falling Wedge formations that previously propelled the Dogecoin price to new all-time highs. The analyst explains that there are no indicators suggesting that the DOGE price won’t replicate the breakout seen during the cycles of 2017 and 2021.

What Could Be the Maximum Reach for Dogecoin?

Upon examining the chart, the crypto analyst anticipates that this breakout could be pivotal for the Dogecoin price. With the current trading price just under $0.13, DOGE still has a considerable distance to cover to reach its 2021 high of $0.7. Nevertheless, this gap may close soon if the breakout is validated.

Trader Tardigrade sets the projection for the DOGE breakout as high as $1.6. This would represent a staggering 1,150% increase from its current position, placing the meme coin at a fresh all-time high.