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

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Joel Frank

Author

Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

September 2, 2024 16:55 EDT

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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.

But for investors looking to bag 50-100x gains, they will need to get into new meme coins before they go mainstream.

One such new Base meme coin that has been turning a lot of heads is a fun new token called Base Dawgz (DAWGZ).

Base Dawgz comes packed with multi-chain bridge utility and is currently available in presale.

Eager investors have already piled over $3.2 million into the meme coin, which is currently offering a huge 712% staking yield.

Cryptonews.com’s in-house presale analyst Crypto Arjay explains in the below video why DAWGZ has 100x potential.

DAWGZ is set to launch on DEXs on the 4th of September at 5pm CET at a price of $0.008582.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.