Exploring Dogecoin’s Potential for a Significant Breakout
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Potential Breakout for Dogecoin as Key Support Holds
Renowned cryptocurrency analyst, Trader Tardigrade, has once again expressed a bullish outlook for Dogecoin. He suggests that the leading meme cryptocurrency could be on the verge of surpassing the long-awaited $1 milestone. In a recent post on the platform X (formerly known as Twitter), the analyst shared a compelling chart illustrating the completion of a Descending Triangle pattern, which is often a precursor to significant price movements.
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Technical Analysis of Dogecoin’s Price Movements
On the daily non-logarithmic chart, Dogecoin has demonstrated three distinct touches at the horizontal support level, approximately around $0.1369. This support acts as the foundation of the triangle pattern, while a descending resistance line has been traced from previous lower highs, reaching back to the $0.4835 peak in December 2024.
Trader Tardigrade’s analysis indicates that this setup resembles an early breakout pattern from 2024, where Dogecoin soared from a similar support base of around $0.0938 to nearly $0.48 in a matter of weeks. During that time, the rally was in perfect alignment with the 2.786 Fibonacci Extension level at $0.468.
If Dogecoin can emulate its past breakout behavior, the analyst anticipates a rally towards the next 2.786 Fibonacci target, this time at the $1.09 mark. Achieving this level would mean a more than fourfold increase from its current market valuation. The chart also features a repeating “1-2-3” pattern, a classic indication of multiple support tests that often precede a breakout. With the third touch now established, and Dogecoin still trading within the confines of the Descending Triangle, conditions appear ripe for a potentially explosive move to a new all-time high (ATH). Trader Tardigrade’s chart forecasts this breakout through a sharply curved dotted arrow, signaling a powerful ascent towards the $1 region by late 2025.
Historical Patterns Indicate a Possible Target of $4
In a broader technical analysis, Trader Tardigrade examines Dogecoin’s monthly price patterns, drawing parallels with its 2015-2018 cycle and the current multi-year formation since 2022.
Fractal Analysis and Predictions for Dogecoin
During the previous cycle, Dogecoin experienced a substantial rise from around $0.0003 to $0.0026, ultimately peaking at $0.009. This bullish trend emerged following a prolonged accumulation phase, which was succeeded by a steep ascent along a rising support trendline.
The current chart pattern for Dogecoin appears to be mimicking this historical fractal, displaying similar rounded bottoms and base formations from 2022 to 2025. As a result, Trader Tardigrade forecasts that Dogecoin could first rise to $0.42 before reaching an intermediate target of $1.46. Beyond this level, the analyst envisions a significant breakout towards $4, representing an impressive 2,400% increase from its current market price of $0.16.
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