Crypto analyst Rose has highlighted a bullish pattern for the Dogecoin price, which puts the DOGE bulls firmly in control. Based on this, the analyst predicts that the meme coin could at some point blast past its current local high at around $0.45 and reach $0.62.
Dogecoin Price Eyes $0.62 As Falling Wedge Breakout Pattern Forms
In a TradingView post, Rose predicted that the Dogecoin price could rally to $0.62 as a falling wedge breakout forms. The analyst noted that the chart shows a confirmed breakout from a classic falling wedge pattern, combined with a rounded bottom formation. This indicates that DOGE has the potential to reverse and rally to the upside in the mid-to-long term.
With the Dogecoin price above $0.22, Rose affirmed that the trend outlook is bullish, especially with the falling wedge and rounded bottom, which are both bullish indicators. The analyst went further to outline the price targets for DOGE on this potential breakout. The first is $0.3757, which would be the initial resistance and likely short-term target.
The second target is $0.4884, which Rose noted was the previous high and a probable profit-taking level. The third target is $0.6160, which is the full measured move from the wedge breakout. The analyst warned that a strong drop below the psychological $0.20 price level could invalidate this breakout. Meanwhile, a retest of support levels before continuation is also possible.
DOGE Well Primed To Reach New Highs Despite Correction
Crypto analyst MMBT Trader also indicated that the recent Dogecoin price correction was nothing to worry about, noting that the descending channel always appears in a bull market. The analyst claimed that this allows the price to rest for a while before it breaks out to the upside. MMBT Trader also expects DOGE to reach new highs on this breakout.
The analyst affirmed that a Dogecoin price rally above $0.40 would be extremely bullish. He predicts that this rally would put $0.75 and the much-anticipated $1 level in sight, with both targets marking a new all-time high (ATH) for the meme coin.
Crypto analyst Trader Tardigrade revealed that the Dogecoin price has formed a channel pullback again. Based on this, he claimed that a price breakout is inevitable. His accompanying chart showed that DOGE could rally to $0.26 in the short term on this breakout.
The analyst is also confident of a breakout because of the bullish expanding triangle, which recently appeared on the meme coin’s 3-day chart. A breakout from this triangle points to a rally to this $0.26 target by June.
At the time of writing, the Dogecoin price is trading at around $0.23, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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