Dogecoin Prepares for Breakout: Analysts Spot Bullish Chart Patterns
Dogecoin ($DOGE) is drawing renewed attention from technical analysts, with two respected voices in the crypto space highlighting potentially bullish formations that could drive the meme coin toward a strong upside move.
According to analyst Ali Martinez, DOGE is currently forming a falling wedge, a classic bullish reversal pattern.
“Dogecoin appears to form a falling wedge, anticipating a 15% price move!” he noted.
A falling wedge typically indicates a period of consolidation before a breakout. If DOGE can break above the upper resistance line convincingly, it could validate the move toward higher price targets.
Bull Flag Targeting $0.29
Crypto influencer Carl Moon is also bullish, spotting a bullish flag setup on DOGE’s 4-hour chart.
“$DOGE is about to take off! Once it breaks out of this bullish flag, the target is $0.29” Carl said, projecting a near 30% upside from current levels.
The bull flag follows a steep rally earlier in the month and suggests the price is temporarily consolidating before its next upward leg.
Key Takeaways
- Current price (as of May 18): Around $0.214
- Short-term upside potential: 15%–30%
- Breakout confirmation levels: Upper resistance near $0.22–$0.23
Traders are advised to monitor volume and candlestick confirmation closely, as breakouts from wedge and flag patterns are more reliable with strong follow-through.
Conclusion
With technical indicators aligning and bullish sentiment growing, Dogecoin may be poised for its next move — and all eyes are on a potential breakout that could send it soaring toward $0.29 in the near term.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
