Doge Forecast Suggests Upside

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Doge Forecast Suggests Upside

DOGE's Forecast: 40% Upside Expected With Target Of $0.0952

The Dogecoin (DOGE) chart shows an interesting development as a 'falling wedge pattern' is very close to a price break out. If the DOGE's price breaks out of this pattern, it will lead to a major upside for the DOGE.

However, if the DOGE doesn't break out of the formation and actually moves back inside, it will make things difficult for the DOGE holders.

For now, the DOGE forecast suggests a bullish breakout as the DOGE has been stuck inside a wedge pattern since the 31st of October. Ever since that day, DOGE has been making highs and lows in such a way that it resembles a falling wedge pattern.

High Chances Of 18 - 40% Upside

If the DOGE makes a successful break out of the pattern, a 40% upside will likely happen and push the altcoin's price to around $0.0952. We can make up this profit target by finding out the distance between the swing low and the swing high to 0.0688 (the point of breakout).

The RSI indicator also suggests that the DOGE has reached a critical point as it is hovering just a little higher than the 50. So, if the breakout takes place, it will also tip the RSI towards the bullish zone and thus increase the chances of touching the $0.0952 target.

Another forecast suggests that an 18% upside in Dogecoin will take place and will likely touch the $0.0816 level, which is also a tough resistance. After that, the next target for the DOGE will be the $0.0952 that's already discussed above.

Despite all of these bullish forecasts, there's also a chance of a downside rally that will lead to a -7% move in the DOGE. In that case, the DOGE's price will go down towards the $0.0550 support zone. For that to take place, the $0.0593 level will need to be broken on the weekly timeframe.

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