Altcoin
Dogecoin Price Breaks Out Of Falling Wedge Formation, Is A 50% Jump Possible From Here?
The Dogecoin price displays strong bullish signals after breaking out of a Falling Wedge formation. The breakout and a successful retest of the wedge pattern have fueled optimism of a potential price rally, with a crypto analyst forecasting a 50% jump to new highs soon.
Falling Wedge Breakout Signal Dogecoin Price Rally
Dogecoin has been trading in a Falling Wedge pattern since November 2024, with its price gradually tightening within a descending range for some time now. A TradingView crypto analyst, Viprose, shared a chart showing a technical analysis of Dogecoin on the daily timeframe, highlighting key price patterns and predicting a 50% price increase to new bullish targets for the meme coin.
Viprose disclosed that DOGE recently broke out of the Falling Wedge and successfully retested its upper boundary, confirming its bullish position. Due to the recent development, the analyst believes the meme coin targets a new breakout through the key resistance zone at the 0.618 Fibonacci level, corresponding with the $0.37 price point.
A Falling Wedge is considered a bullish technical analysis chart pattern that indicates a potential trend reversal. This pattern forms when a cryptocurrency’s price falls while the range of its movement tightens.
Viprose has expressed confidence that Dogecoin’s breakout and retest of this Falling Wedge could push its price to three new bullish targets. The TradingView analyst shared several Fibonacci levels, which would act as key resistance areas before a potential surge to the projected price targets.
Notably, the Fibonacci levels at 0.618, 0.5, 0.382, 0.236, and 0 have been highlighted on the Dogecoin chart, underscoring key resistance levels the meme coin must overcome to hit its first bullish target of $0.48656. For DOGE to reach this price, it must increase by almost 50% of its current market value.
The analyst has also set Dogecoin’s next price target at $0.57395, indicating that a continued bullish momentum could drive the meme coin to this price high if it successfully pushes past $0.48. This optimistic prediction suggests that Dogecoin’s price will need to rise by approximately 72%.
The third and last target projected by the TradingView analyst is $0.66554. If Dogecoin achieves this price, it would represent a gain of about 100% from its current market price. Interestingly, Viprose’s forecast for DOGE aligns with key resistance zones should the meme coin aim for a new all-time high. Currently, the altcoin is down more than 50% from its ATH price of $0.73, achieved during the previous bull run in 2021.
Analyst Says Dogecoin Price Will Decline First
While Viprose is optimistic about a Dogecoin price surge to these three targets—$0.48, $0.57, and $0.66—another prominent TradingView analyst, ‘MMBTrader,’ has shared a more bearish outlook for the meme coin.
MMBTrader acknowledged that the aforementioned projected price levels were “good targets” for Dogecoin. However, the analyst believes the meme coin will undergo a significant price correction before embarking on its next bullish rally. At the time of writing, the DOGE price is trading at $0.33, marking a notable decline of 9.4% in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
Bitcoin and the overall altcoin market have registered strong comeback after an early sell-off on Monday. This recovery comes amid growing euphoria around the Donald Trump inauguration as well as strong demand for TRUMP meme coins. However, investors are likely to undertake a cautious stand with Bank of Japan’s rate hike decision.
Bitcoin and Altcoins Subject to Macro Developments
Bitcoin price has seen massive volatility in the last 24 hours, falling under $100K levels, and then forming a 10% god candle to an all-time high around $110K. The euphoria around the launch of TRUMP meme coins supported by Donald Trump inauguration on Monday has been the cause of volatility. Crypto market analyst Rekt Capital stated that Bitcoin needs a weekly close above $104,740 to confirm fresh all-time highs moving ahead.
Commenting on his chart further, the analyst added: “A Weekly Close below red and it’s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024”.
Furthermore, macro developments like dropping core CPI and strong US jobs data have also contributed to the rally. Investors will now be closely watching the Bank of Japan’s interest rate decision this Friday, as it plans to take rates to a 17-year high. Following today’s breakout, technical charts suggest that Bitcoin price rally to $158,000 is still in play.
#Bitcoin $158,000 target still in play🚀🎯 pic.twitter.com/qzBnKVFsUo
— Titan of Crypto (@Washigorira) January 20, 2025
Altcoins Market Sees Strong Recovery
The overall crypto market liquidations have soared to $1.24 billion of which Bitcoin liquidations are just $204 million, as per the Coinglass data. Thus, the altcoin space is facing even deeper correction with the TRUMP and MELANIA meme coin launch.
The Ethereum price is up 8% today after Donald Trump’s DeFi project World Liberty Financial purchased a large number of ETH coins in the last 24 hours. The good this is that the altcoin season index is showing signs of recovery jumping above 50 once again.
Popular crypto analyst Michael van de Poppe remains bullish on altcoins. He said:
“A tremendous weekend with TRUMP and a cascade on the altcoins. I expect that we’ll see strength on ETH, LINK, AAVE and a lot of altcoins in the coming week as Yields are going down and the $DXY becomes weaker. Great times are ahead of us”.
Will Bank of Japan Play the Spoilsport?
The Bank of Japan (BOJ) is anticipated to raise interest rates on Friday, to the highest levels in 17 years after the 2008 financial crisis. This potential rate hike would signal the central bank’s commitment to gradually increasing rates, currently at 0.25%, towards a target of around 1%.
During its two-day meeting concluding on Friday, the BOJ is expected to lift its short-term policy rate to 0.5%. If implemented, this would mark the first rate hike since July of last year, a move that, combined with weak U.S. jobs data at the time, led to significant market turbulence in early August.
However, this time the US jobs data has shown strength along will falling core CPI. Thus, any major upheaval in Bitcoin and altcoins is unlikely moving ahead, is unlikely.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto community’s focus is still on the prolonged XRP lawsuit despite the buzz surrounding Donald Trump’s TRUMP memecoin launch. With Trump’s inauguration and SEC Chair Gary Gensler’s resignation, the XRPArmy anticipates an imminent resolution in the Ripple vs SEC case.
However, legal experts such as Securities attorney Marc Fagel warn about the Ripple vs SEC case’s unpredictable nature, predicting a possible 10-month delay. The controversy surrounding Trump’s token launch has reignited the discussion on the much-awaited XRP lawsuit settlement.
Securities Lawyer Predicts 10-Month Delay in Ripple vs SEC Case
In an X post, Marc Fagel emphasized the uncertain nature of the Ripple vs SEC case, positing that the case could be further prolonged to 10 months. He has also commented on the possibility of a sooner settlement under the Trump government if the new SEC Chair Paul Atkins opts to drop the appeal.
The discussion began with Fox Business journalist Eleanor Terrett’s post on Trump’s TRUMP token. While Eric Trump hailed the TRUMP coin as the “hottest digital meme on earth,” Fagel dismissed it as a “pyramid scheme.”
🚨NEW: @EricTrump has officially commented on the launch of the $TRUMP token, calling it “the hottest digital meme on earth.”
It’s real. https://t.co/iAXrFwcnjh
— Eleanor Terrett (@EleanorTerrett) January 18, 2025
The conversation quickly escalated into a debate about hot topics, including the Ripple vs SEC case, Elon Musk’s ongoing battle with the SEC, and the broader implications of crypto regulations. Marc Fagel wrote,
Ripple broke the law, as a federal court confirmed. Musk, previously charged with securities fraud and thus a repeat offender, seems to have pretty clearly broken the law. But I guess we just give billionaires and well-financed companies a pass.
How Trump’s Memecoin Will Impact XRP Lawsuit?
Following the recent memecoin frenzy triggered by the TRUMP token, XRP lawyers are closely examining the potential outcome of the XRP lawsuit. For instance, attorney Bill Morgan raised concerns over the memecoin’s impact, urging Congress to adopt clearer crypto guidelines. At the same time, pro-XRP advocate John Deaton emphasized his preference for memecoin regulations over other concerns like SAB 121, CFTC oversight, and tax reform.
Ripple Lawsuit’s Broader Impact on Crypto Market
The Ripple vs SEC case conclusion could have a broader impact on the crypto market, especially in the regulatory landscape. Ripple’s win over the SEC could establish a legal precedent for other cryptocurrencies, clarifying digital assets as non-securities. However, if Ripple loses to the SEC, it could usher in a stricter regulatory environment, posing significant challenges for cryptocurrencies.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Dogecoin network has seen a significant surge in activity following the inauguration of US President Donald Trump. Although this surge in activity cuts across the entire industry, on-chain data has revealed interesting dynamics among Dogecoin holders. These developments were brought into focus by crypto analyst Ali Martinez, who, using data from the analytics platform Santiment, highlighted a remarkable surge in high-value transactions on the Dogecoin network. According to Martinez, Dogecoin recorded an impressive 588 transactions exceeding $1 million within the last 24 hours.
Dogecoin Renewed Interest From Million-Dollar Transactions
The recent surge in large-scale Dogecoin transactions suggests the possibility of a significant upswing, as this activity typically indicates a liquidity bottom that initiates upward momentum. Historically, a rise in high-value transactions is associated with renewed investor confidence, especially when market sentiment shifts toward bullish trends.
In Dogecoin’s case, the transactions in question are not just sizable but exceptionally significant, with each exceeding $1 million. What makes this surge even more compelling is the timing, as it coincides with the bullish sentiment surrounding Donald Trump’s inauguration. Therefore, the current increase in transactions appears more indicative of accumulation rather than sell-offs or profit-taking.
The entire crypto market is currently in a bullish phase, with smart money entering early in anticipation of a pro-crypto environment under the new Donald Trump administration. This further lends credibility to the idea that these transactions could be more of accumulations than selloffs. Even if some of the activity includes sell-offs, the prevailing bullish sentiment suggests that such events may be brief, quickly absorbed by the market’s positive momentum.
Dogecoin is gaining momentum on social media, garnering over 500,000 mentions on platform X within the last 24 hours. This is due to the newly created Department of Government Efficiency, sharing the same acronym as Dogecoin’s ticker (DOGE), which has contributed to significant enthusiasm. Heightened visibility on social media often translates into increased retail participation, which could create a combined effect with whale activity to drive the price higher.
DOGE Price Analysis: A New Multi-Year Bullish Pattern
In another technical analysis, Martinez noted that DOGE is trading within a multi-year ascending parallel channel on the weekly candlestick timeframe. The ongoing bull market gained momentum after Dogecoin rebounded off the lower trendline of the channel in late 2023, and the meme coin has been trading in an upward direction since then. The sustained climb along this channel suggests that DOGE could maintain its bullish trajectory over the longer timeframe.
In terms of a price target, the chart pattern projects a bullish target of $15 at the upper trendline of the ascending parallel channel. At the time of writing, DOGE is trading at $0.343, meaning that reaching this target would represent an extraordinary 4,273% increase from its current price level.
Featured image from Unsplash, chart from Tradingview.com
Ethereum Challenged By Bearish Forces As Altcoin Eyes $3,051 Support
Ripple CLO Denies Rumors of Trump Criticism Over Campaign Donations
Will Bitcoin and Altcoins Crash Following Bank of Japan Rate Hike This week?
XRP Price Holds Strong: Uptrend Shows No Signs of Slowing
Polymarket Under Fire in Thailand, But Bitcoin ETF is a Possibility
ETH Recovers From Drop, Analyst Points At 2021 Rally
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Regulation19 hours agoUS judges demand explanation from the SEC for its refusal to set clear crypto rules
-
Regulation13 hours agoTether’s market capitalisation slips as MiCA regulations kick in
-
Regulation10 hours agoActing SEC Chair Uyeda announces new crypto task force
-
Blockchain18 hours agoAfter Cardano and Solana, traders eye new token below $0.20 for next wave of big profits
-
Regulation8 hours agoTurkey rolls out new crypto AML regulations
-
Ethereum8 hours agoEthereum ETFs inflows surge as Bitcoin ETFs see major outflows
-
Market8 hours agoBitcoin price analysis: economic headwinds push price lower
-
Ethereum5 hours agoETH breaks $3,900 as Bitcoin spikes past $103k
✓ Share: