Dogecoin Price Technical Setup Hints at Major Price Breakout – Here’s How High It Can Go

The Dogecoin price is probing a major resistance area, with the current technical set up hinting towards a major price breakout.

At least, that the view of X user Crypto Yapper, who thinks that Dogecoin has formed a falling wedge pattern.

Crypto Yapper thinks that the Dogecoin price could quickly 2x to return to $0.20.

But many bulls would be targeting a retest of yearly highs in the $0.22s, which would mark a 120% rally from current levels around $0.1025.

A break above the aforementioned falling wedge structure would also coincide with a break above Dogecoin’s 50DMA.

That would signal a near-term momentum shift and that the bulls would have regained control.

Of course, the above hypothetical scenario is a big if.

Much will rest on how Wednesday’s Fed policy announcement impacts markets.

The Fed is expected to kick off a rate-cutting cycle for the first time since 2020. But markets are highly uncertain about how large that first rate cut will be.

If the Fed delivers a larger 50bps rate cut and Fed Chair Jerome Powell can ease the market’s concerns about a potential US recession, this could be a cocktail for risk.

That could catalyze the Dogecoin price from its current pattern to the upside.

Dogecoin Price to $1.0? This Alternative Could Do Better

Dogecoin bulls would be hoping that a return to $0.20 would start a longer-term move towards $1.0.

The Dogecoin price reaching $1.0 has been a long-craved milestone within the Dogecoin community.

As the leading meme coin, which is built on its own decentralized blockchain, and with the backing of one of the world’s most influential men, Elon Musk , the odds remain in favor of Dogecoin, hitting this mark someday.

That said, the near-term future for Dogecoin is uncertain.

If it fails to break above the aforementioned key resistance levels, a return to August’s $0.08 lows is possible.

Dogecoin holders might want to check out alternative investments to diversify their risk.

New meme coins might be one option. But for those looking to diversify away from the high-risk, high-volatility meme coin space, GambleFi might be another sector worth considering.

One new GambleFi coin called Mega Dice (DICE) has recently garnered a lot of attention.

Mega Dice is a relatively new Telegram casino that is looking to expand its utility and integration within web3 via a new token launch.

The presale has already been able to raise a whopping $1.8 million.

In the video below, popular presale analyst Crypto June explains why he thinks Mega Dice could become a leading GambleFi project and even a top Rollbit.

Learn More About DICE Here