Cryptanalyst World of Diagrams has identified a bullish pattern that could send Dogecoin (DOGE) prices to new highs. The analyst predicted that cutting edge meme coin could rise to $0.22 when that happens.
How Dogecoin Will Rise to $0.22
World of Charts is mentioned on X (formerly Twitter) mail that Dogecoin is approaching falling wedge resistanceIf it breaks out, the meme coin could see a 66% price move and rise to $0.22, based on the chart he shared. Interestingly, the analyst added that Dogecoin could surge to $0.30.
Dogecoin has already reached the moment of truth, as it is currently trading in a range around $0.13, where World of Charts noted falling wedge resistance. The major meme coin looks well-equipped to break through this resistance level, given the current optimistic forecast market.
On-chain metrics also support Dogecoin’s parabolic growth. For example, there has been a significant increase in large transactions, with Bitcoinist making report that last week Dogecoin whales bought up millions of DOGE. Data from market intelligence IntoTheBlock It also shows that these whales have been busy: they have traded almost 10 billion DOGE in the last 24 hours.
Additional data from IntoTheBlock also shows that large holders’ inflows have increased by over 800%, indicating that these whales are actively accumulating cutting edge meme coinSuch a wave of accumulation could send Dogecoin’s price sharply higher and possibly lead to it reaching World of Chart’s predicted price target of $0.30.
Meanwhile, it’s also worth noting that the majority of Dogecoin addresses (78%) are currently in the money, meaning they’re in profit. As such, the meme coin is unlikely to face significant selling pressure as it continues to grow. Additionally, these in-profit wallets could help mitigate the impact of any selling pressure that may come from the 22% of wallet addresses that could break even once their investments become profitable.
What’s next for DOGE?
Cryptanalyst at Rekt Capital mentioned in X post that Dogecoin is retesting the Macro downtrend as new support. He stated that a successful retest of this range would “fully confirm” the end of the Macro downtrend and the start of a new Macro uptrend. According to the chart shared by the analyst, DOGE could rise to $0.4 once this new Macro uptrend begins.
Cryptanalyst Captain Toblerone also recently updated his analysis of the Dogecoin chart. The analyst predicts that the meme coin could rise to almost $0.3 in its next leg of growth. Captain Toblerone is one of the most bullish on Dogecoin, predicting that DOGE could rise to almost $2 at its peak this running of the bulls.
