Dogecoin (DOGE) Price Prediction: Diamond Bottom Pattern Hints at a 59.88% Breakout

Dogecoin price showed a 4.57% rise on Wednesday, trading at $0.172. In the past week, the coin edged up by 0.38%, bringing its total market capitalization to $25.68 billion.

This modest climb arrived as analysts kept a close watch on shifting patterns. A chart posted by crypto analyst Trader Tardigrade revealed signs of a “Diamond Bottom” formation on Dogecoin’s daily chart. This pattern stretches between $0.128 and $0.190.

This pattern signals a possible bullish reversal after weeks of downward pressure. The price has been consolidating within this range, with traders eyeing a breakout point.

The breakout is expected to happen around $0.174, marking the end of consolidation. If this level holds and momentum continues, the price could reach $0.275, which would represent a potential 59.88% surge from current levels. A dotted green arrow on the chart also hints at a possible push even higher toward $0.35, giving an extra dose of optimism for those betting on a rally.

Chart Patterns and ETF Fuel Optimism

Another analyst, Ali Martinez, highlighted that the coin tested a support level at $0.167. “Holding this level could spark a rebound toward $0.175 and potentially $0.183,” he noted. This critical area has been a battleground for bulls and bears, and the outcome could set the tone for the near future.

Meanwhile, pseudonymous analyst GreenCrypto shared that Dogecoin’s price is tracing an Ascending Wedge pattern, which has been unfolding since 2023. This wedge pattern signals a long-term upward trend that could carry it to new highs.

According to his analysis, Dogecoin might hit an all-time high of $1.161 if this pattern plays out fully.

Dogecoin is forming an Ascending Wedge Pattern on the weekly chart (7w) which began in early 2023.

This pattern usually signals a long-term uptrend and could carry the coin to new all-time highs if it breaks out.

If we measure the pattern, it indicates a breakout price of around $1,161 and a top by early 2024. pic.twitter.com/Q7lVhwR776

— GreenCrypto (@crypto_green_) August 15, 2023

Alongside chart patterns, the buzz around a potential Dogecoin ETF has been heating up. Asset managers like Bitwise, 21Shares, Grayscale, and REX Shares have filed applications with the U.S. SEC seeking approval to launch Dogecoin ETFs.

Market platform Polymarket reported that odds of approval climbed 25%, with analysts estimating a 63% chance that the ETF could get the green light by the end of 2025.

Dogecoin Price Sees Tightening Volatility

Currently, Dogecoin’s price is trading slightly above the middle Bollinger Band at $0.17316. The narrowing of the bands shows that volatility has contracted, hinting that a breakout could be on the horizon.

Neither buyers nor sellers appear to have a clear advantage, and many are waiting for a trigger to push prices decisively in either direction.

Adding to the uncertainty, the Relative Strength Index stands around 50.72. This neutral reading indicates market indecision, showing no strong momentum for a move up or down. A push above 55 could show bullish strength returning, while a drop under 45 might confirm growing bearish pressure.

The Moving Average Convergence Divergence (MACD) line recently crossed below the signal line, with the histogram dipping into negative territory at -0.045. This crossover signals weakening buying pressure, raising caution about potential downside risk. If this bearish momentum continues, the price could face further declines in the short term.

A breakout above $0.19 could erase bearish concerns and pave the way for further gains. However, a fall below $0.155 might hand control back to sellers and signal renewed downward momentum.