Dogecoin Breaks Out, Signals Potential 170% Moonshot: Analyst

Dogecoin breaks out of a falling wedge pattern, signaling the potential for a bullish trend reversal, according to a prominent market watcher.

Dogecoin (DOGE) has shown significant upward momentum over the past week, rising from around $0.16 to slightly over $0.18 between April 19 and April 25, 2025. This 7-day performance reflects a solid 17.2% increase, with a 24-hour figure of +6.1%. The recent price surge is accompanied by a breakout from a falling wedge pattern, signaling a potential for further gains.

Dogecoin Breaks Out

The breakout from the falling wedge pattern is a notable technical development, often seen as a bullish reversal signal. According to an analyst on TradingView, the pattern had previously held DOGE within a downtrend, testing resistance at $0.28 in February and again at $0.16 in April. 

Notably, the recent breakout, which occurred near the $0.18 mark, comes with rising volume and reclaiming previous support levels. These indicators suggest a potential trend reversal and a continuation of the upward movement.

The falling wedge pattern typically signals a shift from a bearish to a bullish trend, and DOGE’s breakout aligns with this. With strong support at the $0.143 and $0.16 levels, the analyst is targeting a price of approximately $0.46, representing a 170.59% rise from the current value. 

Dogecoin Could See $1?

Furthermore, other market analysts have noted the potential for a bigger spike in Dogecoin’s price. Trader Tardigrade, an analyst on X, also confirmed that DOGE has broken through a significant mid-term resistance trendline. 

According to Tardigrade, the breakout is not a false one, and the price movements resemble those seen in February 2024, which preceded a massive price rally. If the current momentum continues, Tardigrade suggests a significant surge could push DOGE past the $1 mark by May 2025. This prediction builds on the earlier price action of DOGE, which has already begun to show strength. 

Growing Bullish Sentiment

The bullish outlook for Dogecoin is also supported by a surge in DOGE Futures Open Interest, as observed by data from Coinglass. Open interest refers to the amount of capital locked in DOGE futures contracts, which has risen by 8.58% to $2.01 billion, a level last seen in late March 2025.

This increase reflects the growing confidence in the asset, with more capital being invested in DOGE futures as traders take long positions in anticipation of future price increases.