Dogecoin Forms Repeating Falling Wedges Near Support as $5 Target Comes Into View

Dogecoin forms repeated falling wedges near $0.15, signaling potential for a bullish breakout.

Trading volume tops $822M as DOGE consolidates between $0.15 and $0.23 on rising interest.

A breakout above $0.23 could validate targets between $1.09 and $5 in the coming months.

Dogecoin continues to attract market attention as it maintains key support near $0.15 and repeatedly forms falling wedge patterns on weekly timeframes. These patterns have previously preceded sharp upward moves. DOGE is currently trading at $0.1649, holding steady within a consolidation zone that many analysts view as a bullish structure.

Falling Wedges Signal Potential Breakout Setup

Dogecoin has formed multiple falling wedges near support across several cycles, according to analysis prepared by Trader Tardigrade. Each formation has been followed by a price increase. The current pattern shows three confirmed touches on support near $0.1369, with lower highs forming a descending resistance line.

This technical structure is forming within a broader descending triangle. While this pattern can suggest weakness in traditional markets, in crypto it often leads to breakouts. Tardigrade noted on X that “Dogecoin appears to be coiling like a spring,” pointing to a possible rally above $1 by late 2025

He referenced Dogecoin’s 2024 rally from $0.093 to $0.48 as an example of similar setups. DOGE remains in a volume-defined range between $0.15 and $0.23. Price has shown resilience within this structure, with long-term projections citing the next Fibonacci extension level near $1.09.

Volume Rises as Traders Position for Next Move

According to recent data, DOGE trading volume recently increased to over $822 million in 24 hours. This trend suggests renewed interest from traders ahead of a possible breakout. The RSI is near neutral levels, and MACD indicators remain flat, which is common during periods of low volatility before larger moves.

Source: BullifyX(X)

An observation by BullifyX noted that Dogecoin may be preparing for a “monster move,” with price targets between $1.09 and $5 in the coming months. The analyst cited a breakout scenario with 5x–6x potential, emphasizing the importance of current wedge formations. Analysts recommend watching for a breakout above $0.17 and sustained closes above $0.23 to confirm a bullish continuation.

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