Crypto analyst Trader Tardigrade has outlined a possible scenario bullish development on the Dogecoin chart which could cause the price to skyrocket. If this breakout were to play out as the analyst predicts, the Dogecoin price could be looking at a brand new all-time high next year.
Bitcoin breaks out of the falling wedge pattern
In the analysis posted on the X platform (formerly Twitter), the pseudonymous crypto analyst who goes by the name Trader Tardigrade on the social media platform says: pointed out that the Dogecoin price is in a Falling Wedge. This Falling Wedge persisted as the price succumbed to bearish pressure, eventually dropping below $0.1.
The bullish part of Falling Wedge patterns as observed on the Dogecoin chart is when the price finally breaks out. Normally, a breakout of a Falling Wedge pattern often signals the end of a downtrend and can cause a rise to new highs.
This could be the case for Dogecoin price this time after the analyst explains that the Falling Wedge pattern may be coming to an end. According to the report, the price chart is showing early signs of a breakout of the falling wedge pattern. This means that the outbreak has not been fully confirmed, but it shows there is hope for the Dogecoin price.
Not only is the Dogecoin Price Breakout of the Falling Wedge pattern, there is also a repeat of the previous Falling Wedge patterns that led to a new all-time high for the Dogecoin price. As the crypto analyst explains, there is nothing to indicate that DOGE price will not repeat the breakout of the previous cycles of both 2017 and 2021.
How High Can Dogecoin Rise?
Looking at the chart, the crypto analyst expects this breakout to be significant for the Dogecoin price. Currently trading just under $0.13, the DOGE Prize is still far from the all-time high of $0.7 set in 2021. However, this may not last long if the breakout is confirmed.
Trader Tardigrade puts the target for the DOGE escape as high as $1.6. This would mean a 1,150% increase in price from the current price, putting the meme coin at a brand new all-time high.
Featured image created with Dall.E, chart from Tradingview.com