Dogecoin Price Poised to Double – Will This Key Resistance Level Trigger a 100% Rally?

Dogecoin Price Poised to Double / Source: Cryptonews

The Dogecoin price could be set to more than double in the coming weeks, as the DOGE price threatens a breakout above a key resistance level.

The Dogecoin (DOGE) price was last changing hands just under $0.10, just above multi-week lows that it hit earlier in the day.

Dogecoin has been stuck in a falling wedge pattern since its price topped out near $0.23 earlier this year.

TradingView user MyCryptoParadise_Simon shared an article where he predicted a major surge should this falling wedge structure break.

DOGE would probably need to close around $0.12 to confirm a breakout above this wedge and above its 50DMAs.

The first major bullish target would be a retest of May’s highs around $0.17.

That would mark a near 100% rally for the Dogecoin price. But a retest of yearly highs near $0.23 would become very likely should this level go.

This Catalyst Could Drive New Meme Coin Season and Double the Dogecoin Price

Looking at chart patterns and predicting major breakouts is all well and good, but are there any upcoming real world catalysts to drive such a move?

Yes, absolutely. The US Federal Reserve is on the cusp of beginning a new rate cutting cycle for the first time since 2020.

Past rate cutting cycles have been associated with parabolic rallies in crypto prices.

While a new meme season is unlikely to kick off the day that the Fed cuts interest rates for the first time, as liquidity begins to flow into broader financial markets, risks are tilted towards exaggerated risk taking.

It makes sense then for traders to position themselves for sudden and un-expected price pumps.

The Dogecoin price could finally reach the $1 level that its community has longed for in the coming years.

That would mark a 10x rally from current levels.

Catalysts such as the possibility that Elon Musk includes Dogecoin as a major part of a future X payments system could help the Dogecoin price along the way.