Dogecoin broke above a bullish pattern, and this could soon result in a 100% price rally.
- DOGE’s volume increased sharply along with its price. Memecoin’s fear and greed index was in an “extreme greed” position at press time
Dogecoin [DOGE] saw a massive rally last week as its price surged by double-digits. In the meantime, the world’s largest memecoin also managed a breakout above a bullish pattern, one hinting at a sustained price hike in the coming days.
Dogecoin finally breaks out
DOGE investors were having a good time last week as the memecoin’s price surged by 20% during that time. Thanks to the same, more than 4.9 million Dogecoin addresses were in profit, accounting for over 72% of the total number of DOGE addresses.
While that happened, World Of Charts, a popular crypto analyst, posted a tweet revealing an interesting development. The tweet revealed a bullish falling wedge pattern on DOGE’s price chart.
The pattern emerged in March and since then, its price has been consolidating inside the pattern. At press time, DOGE had broken above the pattern. According to the tweet, this could spur a nearly 100% rally over the coming days or weeks.
Source: X
However, there was some bad news too.
AMBCrypto’s look at Dogecoin’s fear and greed index revealed that the indicator was in the “extreme greed” position. Whenever the indicator hits this level, it means that the chances of a price correction are high.
DOGE’s key levels
Therefore, AMBCrypto took a closer look at Dogecoin’s daily chart to better understand what to expect from it. As per our analysis, Dogecoin’s price had touched the upper limit of the Bollinger Bands.
Such incidents most of the time result in price corrections. However, DOGE’s MA Cross revealed that the bulls were still leading the market as the 9-day MA was well above the 21-day MA.
Source: TradingView
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
According to our analysis, if the bullish breakout pattern tests, then it will be crucial for DOGE to go above $0.13 as liquidations will rise sharply at that level.
However, in case of a bearish takeover, Dogecoin might drop to $0.11 on the charts soon.
Source: Hyblock Capital
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