Forbes 30 Under 30 Expert Says Dogecoin Will Soar as Falling Wedge Breakout Looms—Here’s His Target

A prominent market analyst, Forbes 30 under 30 and Seen On FOX, CNBC, has shared a bullish outlook for Dogecoin, the largest meme coin by market cap, amid an imminent structural breakout with his 1.3M X followers.

$DOGE has set its sights on a breakout amid recent bullish price developments. For perspective, the doggy-themed meme coin surged to an intraday high of $0.18 on Thursday, spurred by a broader market bullishness from Wednesday’s dovish FOMC meeting.

While Dogecoin retraced considerably from the high to close at around $0.1694, a recent analysis suggests the imminent resumption of another bullish rally. This is because the token is nearing a structural breakout, which could spur a retest of its January price high.

Dogecoin Nears Breakout

Carl Moon, a prominent market pundit and founder of the Moon Show, highlighted this bullish price development on $DOGE’s daily timeframe in an X post on Thursday. He shared that the asset looks set to breach above a multi-month falling wedge.

Interestingly, Dogecoin has trended within this channel since its January high of $0.4350, making lower highs and lower lows. With the leading meme coin’s price trend getting tighter within the wedge, its recent surge to $0.18 has pushed it to the structure’s tip.

Moon identified that the token is nearing a breakout, speculating a notable upside if it successfully defies the price structure. He predicted Dogecoin would “absolutely fly” to $0.434, 157% away from its current market price.

Notably, the analyst’s target correlates with the price high of the falling wedge, attained two days before Donald Trump’s inauguration. $DOGE needs to close above $0.185 on the daily timeframe or risk revisiting the channel’s bottom.

Dogecoin Holds Crucial Support

With Dogecoin nearing a breakout, it still holds key support between $0.16 and $0.17. Analyst “Whalesdesk” identified this support area in a recent report, stressing its importance for higher prices.

His commentary identifies that if Dogecoin keeps holding the demand zone, it could surge to a four-year high of $0.60. Meanwhile, Whalesdesk highlighted the token’s path to the multi-year high, including a stop at $0.30 and $0.45, close to Moon’s price target.

Moreover, recent network catalysts suggest confidence in Dogecoin’s predicted upward trajectory. Bullish sentiments from incessant whale accumulations and the surging user participation in the Dogecoin network could catalyze the scintillating northward drive.

In the meantime, $DOGE trades at $0.1696, up a mere 1.13% in the past week.