Crypto analyst Henry predicts Dogecoin (DOGE) could see a “huge breakout” to $1, citing a recent chart pattern breakout.
Despite continued market uncertainty, Dogecoin (DOGE), the leading meme coin by market capitalization, has shown flashes of strength this week.
Amid this price action, analysts are beginning to call for higher prices. According to well-followed crypto analyst Henry, DOGE could be gearing up for a “huge breakout.”
Dogecoin (DOGE) Ready for a Breakout to $1?
In a recent post on X, Henry shared a chart highlighting that the meme coin had broken out of a triangle flag pattern on the daily candle chart, a pattern it had been locked in since December 2024, moving to the upside.
According to the analyst, this breakout could set the meme coin up for a surge to the $0.50 mark. Meanwhile, the analyst expects a fresh all-time high of $1 if the asset can hold above the top of the pattern.
At the time of writing, DOGE appears to be retesting this pattern, trading at around $0.1820, down over 6% in the past 24 hours.
Interestingly, Henry notes that the meme coin showed similar price action in September 2024, breaking out of an extended correction that began in March 2024. This breakout preceded a more than 400% surge in its price to $0.4846.
Meanwhile, Henry is not the only analyst to suggest that DOGE could be gearing up for a run to $1 in the past few days.
“Trader Tardigrade” recently reached the same conclusion, citing a similar analysis combined with the moving average convergence divergence. For context, a surge to $1 at current prices represents a 450% upside price potential for DOGE.
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