Dogecoin Price Forecast: Is DOGE Primed for a 99% Surge?

cryptonews.com:

Over the last 24 hours, the Dogecoin price has surged by a modest 2.01% amid broader market growth, where meme coins averaged a 3.1% increase.

This comes amidst anticipation of a substantial breakout following Dogecoin’s recent disappointing price action.

Today’s growth adds to a 5.6% rise in Dogecoin price since last Monday, aligning with the growth seen in leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) .

Indeed, despite less than optimal price action in recent weeks, trader interest in Dogecoin remains robust – the coin’s 24-hour trading volume has surged by 31.24% over the past day.

An interesting pattern is forming on the Dogecoin chart, hinting at a potential 99% breakout in the coming days.

Dogecoin has been in a falling wedge pattern (white) since the March mini-bull run when it surged to $0.22.

This pattern indicates that the downward momentum is weakening, and a bullish reversal is likely when the price breaks above the upper trend line.

However, this multi-month pattern is nearly coming to an end as the Dogecoin price has begun moving up recently in line with Bitcoin’s recovery.

This new upward momentum is bolstered by Dogecoin’s relative strength index (RSI) (purple), currently at 45 and rising. This marks a recovery from its oversold conditions last week when it was around 20.

Although neutral, an RSI of 45 leans slightly towards bearishness. Therefore, if the RSI can surpass the midpoint level at 50, it would reinforce this bullish momentum.

However, the prevailing wider trends still present some challenges. Most notably, the 30-day moving average (yellow) is still trending downward, despite the 200-day moving average (blue) and its uptrend.

This suggests that the short-term momentum