Dogecoin (DOGE) Price Prediction: DOGE Hints 44% Gains After Fronting a Bullish Breakout Pattern

Dogecoin [DOGE] saw price relief in early July and tucked over 30% in the past two weeks amidst overall recovery. This week, the recovery stalled and

Dogecoin [DOGE] price opened the second week of July on a bullish note, adding over 30% to its value in the past two weeks. This followed a recovery wave that began in late June after the memecoin slid to eleven cents.

However, the recovery stalled this week as DOGE retracted over 11% from its local top. This dropped the memecoin’s price to $0.12 at press time, a level that was seen during DOGE’s price consolidation in late June.

After fronting a bullish breakout, DOGE could be set for 44% gains. Renowned crypto analyst Ali Marinez tipped an upside potential for DOGE, highlighting a breakout pattern on the falling wedge pattern.

“Looks like Dogecoin broke out of a wedge, which suggests an upside target of 44%!”

For perspective, falling wedges are usually bullish patterns that tend to front rallies in most cases after the breakout. The potential breakout tends to be equal to the height of the wedge – in this case, over 43%.

Another user echoed the long-term bullish outlook, highlighting a first weekly golden cross that could rally DOGE 18,000%.

DOGE’s spot and derivatives market agreed?

From a derivatives perspective, DOGE’s market sentiment was bearish at press time, as denoted by a near 10% decline in open interest (OI) rates. Additionally, volume dropped significantly amidst an overall crypto market meltdown on Wednesday.

DOGE also saw significant spot outflows from mid-week, denoting a risk-off approach that could delay the 43% upswing projection.

Nevertheless, a 10% rally was still possible in the short term, as illustrated by the 4-hour chart. Notably, the RSI (Relative Strength Index) had retreated near oversold territory, which suggested that a bullish reversal could be likely.

If so, the immediate price targets could be $0.1275 and $0.1325 Hitting the latter translates to a 10% gain.

However, DOGE could slide to $0.11 if $0.12 support breaks in the short term.

Interestingly, there wouldn’t be much resistance at 0.14 or $0.13 levels since very few addresses bought the meme coin at those levels This reduces the odds of profit-taking if recovery hits the targets.

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