Bitcoin's price has broken through the $90,000 mark, setting a new all-time high. The core driver of this crazy market is the recent series of crypto-friendly policies from the Trump administration; Dogecoin (DOGE) has once again broken through textbook-style descending wedge patterns, and analysts who previously predicted the last threefold surge of this meme coin believe it is about to rise again. “Breaking through key areas, strong bullish momentum is expected in the medium term,” World Of Charts (@WorldOfCharts1) told its X followers while sharing the Binance 12-hour chart.
Is Dogecoin about to experience a significant rise? Doubtful -- Public account: Feng Baobao is roasting sweet potatoes.
He cited a post published on April 13, where he predicted at the time: “Regarding Dogecoin, we have captured this important upward trend by October 2024, when Dogecoin's price had increased more than threefold. And now, Dogecoin seems to be standing at the threshold of another major breakout... I expect its future price to rise again by three times.” However, the chart shows that after Dogecoin peaked close to $0.48 in early December last year, it experienced a downtrend over the next five months.
Since then, Dogecoin has failed to break through the downward resistance trendline located in the middle at $0.155 during each attempted rise. Meanwhile, the parallel support level around $0.14 has remained solid, having triggered sell signals twice during March and April. Notably, the current price has broken through the upper boundary for the first time in two weeks, showing some upward momentum.
According to overlay chart analysis from World Of Charts, once nominally breaking through $0.17, Dogecoin is expected to rise vertically to $0.21804, suggesting that its main target is slightly below $0.39, which represents a 138% increase from the trigger point and is very close to the psychological level of $0.40. If the magnitude of this pattern is similar to last year’s wedge pattern, the index could eventually test $0.65, ushering in a new round of threefold rebounds.
Additionally, the time symmetry behind the bullish options is worth close attention: the current wedge pattern has been compressed for nearly six months, which is quite similar to Dogecoin's consolidation before its surge from $0.11 to $0.48 during October to December 2024. At the same time, the trading volume in each contraction cycle is gradually decreasing, which is a typical sign before a breakout. As the spot price regains the 50-day moving average, the momentum oscillators in lower time frames are also starting to turn positive, further enhancing the expectation of price increases.
However, not all analysts are optimistic. For instance, Kevin (@Kev_Capital_TA) remains cautious about Bitcoin's dominance. He warned: “If Bitcoin breaks through $89,000 and shows strong upward momentum, I believe Dogecoin may relatively quickly fall back to $0.26.” Kevin emphasized that Bitcoin's dominance in the market cannot be ignored, especially in the context of Bitcoin's continuing dominance and tight monetary policy. $0.26 represents the 0.618 Fibonacci retracement level of Dogecoin's decline from November to March, and even if Dogecoin successfully breaks through the wedge resistance, this will be its first major resistance point.
From a pure chart perspective, the battle line is now clearly visible. If the daily closing price decisively breaks through the trendline and successfully retests, it will confirm the breakout, transforming the red demand zone into a springboard and revealing subsequent targets. If it fails to break through, the price will be trapped within this pattern, and any drop below $0.15 may fall towards the structural support level of $0.13, and in extreme cases, even towards the $0.11 pivot that opened last year’s parabolic rise.
As of the time of writing, DOGE is trading at $0.1641.
