Cryptocurrency analyst Trader Tardigrade has demonstrated the possibility Bullish development on Dogecoin chart It can send the price to the sky. If this breakout occurs as the analyst expects, the price of Dogecoin could reach a brand new all-time high next year.
Bitcoin exiting the falling wedge pattern
In the analysis posted on X (formerly Twitter), a pseudonymous cryptocurrency analyst who uses the name Trader Tardigrade on the social media platform, He pointed out That the price of Dogecoin was falling. This falling wedge continued as the price succumbed to downward pressure that eventually took it below $0.1.
However, the upside around falling wedge patterns like the ones observed on the Dogecoin chart is when the price finally breaks out of it. Typically, a breakout of a falling wedge pattern often signals the end of a downtrend and can lead to a rally to new highs.
That may be the case this time for Dogecoin price after the analyst explained that the falling wedge pattern may be coming to an end. According to the post, the price chart is showing early signs of a breakout of the falling wedge pattern. This means that the hack has not been fully confirmed, but it is clear There is hope for the price of Dogecoin.
Not only is Dogecoin price breaking out of a falling wedge pattern, but there is also a repeat of previous falling wedge patterns that have led to a new all-time high for Dogecoin price. As the cryptocurrency analyst explains, there is no indication that the DOGE price will not repeat the breakout of the previous sessions from 2017 and 2021.
How high can Dogecoin go?
Looking at the chart, the cryptocurrency analyst expects this breakout to be important for Dogecoin price. DOGE price is currently trading just below $0.13, still far from its all-time high of $0.7 from 2021. However, this may not last much longer if the breakout is confirmed.
Tardigrade trader puts Aim to hack DOGE Up to $1.6. This means a price increase of 1,150% from its current price, putting the meme at a brand new all-time high.
Featured image created with Dall.E, chart from Tradingview.com