Dogecoin (DOGE) Eyes Biggest Price Breakout, But There's a Catch

Dogecoin Poised for a Massive Breakout

Dogecoin (DOGE), the dominant meme coin by market cap, is nearing a potentially historic price surge. Despite a prolonged consolidation, bullish indicators are surfacing, hinting at an impending rally. However, the meme coin may face obstacles along the way.

Crypto analyst Ali Martinez shared an analysis of DOGE's price, noting that it is "flirting" with a bullish breakout. He cautions traders to remain patient for the rally to materialize.

Martinez's analysis indicates a bearish crossover in Dogecoin's Stochastic RSI, a chart formation typically associated with a short-term price correction. However, this correction is expected to be brief and followed by a potential breakout.

A price chart shared by Martinez shows Dogecoin forming a falling wedge, suggesting a possible 45% price increase. If this pattern holds true, it could be one of the largest breakouts for Dogecoin.

However, the chart also shows the bearish crossover of the Stochastic RSI, which could introduce bearish pressure and a potential price decline. This correction is anticipated to be short-term and may serve as a healthy adjustment before the anticipated rally.

Currently, Dogecoin trades at $0.109, recovering slightly over the past day. It has remained within a narrow range for over a month, but Martinez's analysis suggests that a breakout may be imminent.