Crypto Trader analyst Tardigrade has outlined a possible bullish development on the Dogecoin chart that could send the price higher. If this breakout were to play out as the analyst is predicting, then the price of Dogecoin could be headed for a new high next year.
Bitcoin Breaks the Falling Wedge Pattern
In an analysis posted on the X platform (formerly Twitter), an anonymous crypto analyst who goes by the name Trader Tardigrade on social media, showed that the price of Dogecoin has been a Falling Wedge. This Falling Wedge persisted as the price came under pressure eventually falling below $0.1.
However, the best part about Falling Wedge patterns like the one seen on the Dogecoin chart is where the price eventually breaks out. In general, a breakout of the Falling Wedge pattern usually signals the end of a downtrend and may trigger new highs.
This could be the case at this time with the price of Dogecoin after the analyst explained that the Falling Wedge pattern may come to an end. According to the post, the price chart is showing the first signs of a falling wedge pattern breakout. This means that the explosion is not completely guaranteed, but it shows that there is hope for the price of Dogecoin.
Not only is the price of Dogecoin breaking out of a Falling Wedge pattern, there is also a repeat of previous Falling Wedge patterns that have led to a new high in the price of Dogecoin. As the crypto analyst explains, there is nothing to suggest that the price of DOGE will not repeat the previous cycles from both 2017 and 2021.
Does Dogecoin pay dividends?
If you look at the chart, the crypto analyst expects that this explosion will be important for the price of Dogecoin. Currently trading just under $0.13, the price of DOGE is far from the all-time $0.7 from 2021. However, this may not last long if the breach is confirmed.
Trader Tardigrade puts the DOGE exit target as high as $1.6. This would mean a 1,150% price increase from its current value, which puts the meme coin at a brand new high.
The featured image was created with Dall.E, a chart from Tradingview.com