The Dogecoin price is gearing up for a significant break out to new upsides, as a crypto market expert shares a key technical analysis to support this prediction. The analyst believes that Dogecoin can skyrocket to $0.65 if it can maintain key support levels and avoid a further price breakdown.
Dogecoin Price Set For $0.65 Break Out
On March 14, Marzell, an X (formerly Twitter) crypto analyst, presented a technical analysis of the Dogecoin price, predicting a substantial price breakout to $0.65 for the popular meme coin. According to the analyst, DOGE is currently trading above the $0.14750 Fibonacci level, a critical zone that could determine the cryptocurrency’s next move.
The analyst identified the formation of a Falling Wedge pattern on the Dogecoin chart. He noted that the meme coin is showing signs of breaking out of this key technical pattern, signaling a possible uptrend.
Typically, a Falling Wedge pattern is considered a positive indicator of a bullish reversal in a cryptocurrency. The technical chart formation usually appears during downtrends, suggesting that a coin’s weakened momentum is finally letting up.
Marzell has revealed that if Dogecoin can hold above the 0.14750 Fib level at the lower boundary of the Falling Wedge pattern, then a strong upward move to $0.65 could be possible. Before a surge to this level, the analyst expects a rally toward two other targets. He predicts that Dogecoin will hit the first target of $0.463 and then $0.553 before reaching a final high of $0.65.
On the flip side, Marzell has shared a potential bearish case scenario for the Dogecoin price. The analyst disclosed that a failure to maintain the 0.14750 Fib level could lead to possible sideways action before another break-out attempt.
Right now, DOGE is trading at $0.17 after experiencing a significant downtrend as broader market volatility took a toll on its price. A rally to $0.65 would represent a massive 282% increase from its current market value.
Analyst Says DOGE Can Still Go Parabolic
Currently, technical analysis of the Dogecoin price, spread across X, has been majorly hinting at a potential rally to new highs. Ali Martinez, a well-known market expert, has also shared his bullish outlook for the meme coin.
The analyst has announced that Dogecoin still has the chance to go parabolic in this bull cycle. Recently, the meme coin faced disappointing market performance, crashing by more than 60% over the past month.
Despite this downtrend, Martinez remains confident that Dogecoin could flip present bearish conditions to experience a parabolic surge. Looking at the price chart, DOGE seems to be moving within an Ascending Channel. The trajectory of the channel indicates that the meme coin is getting ready to hit a new all-time high of $3 if it can hold the support level at $0.16. With DOGE’s price at $0.17 as of writing, this would mean a massive 1,665% increase.
Featured image from Adobe Stock, chart from Tradingview.com
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