A top market analyst has lauded the exceptional bullishness in the Dogecoin chart, predicting a quick twofold price rally.
Dogecoin may be correcting like the rest of the crypto market following last week’s rise, but this prominent market watcher is looking beyond the short-term price retracement. Specifically, Jake Wujastyk has predicted that the largest meme coin by market cap is up for a dazzling upward trend, as the chart looks nicely set up.
The analysis precedes Dogecoin’s wrong-footed start to the week. The community-driven token has dumped 7% today alone, nearly relinquishing all of its gains on the last day of the previous week.
No Way You Won’t Take a Dogecoin Trade: Analyst
In his Sunday commentary, Wujastyk highlighted a tempting Dogecoin chart. DOGE had just rallied 8% on the day, pushing prices close to the top of a developing descending triangle.
The pattern started emerging from Dogecoin’s rally to $0.26 on May 11, with prices fluctuating between the upper resistance and lower support. Meanwhile, with the structure getting tighter, the analyst suggested that a breakout could be imminent.
According to him, there is no way one wouldn’t take a Dogecoin trade with the bullish price development. While prices have retraced slightly today, the asset still trends within the wedge, confirming the validity of the commentary.
Meanwhile, from here, Wujastyk predicted a sustained upward trajectory to higher prices. Precisely, he projected a breakout from the wedge, with an easy twofold rally to $0.45, which is about 114% away from the current prices, on the cards.
Possible Timeline for Rally to Above $0.40
Furthermore, analyst Bitcoinsensus shares a bullish outlook and target similar to Wujastyk on Dogecoin. He stated that DOGE is on the cusp of a breakout to above 40 cents and cited a breakout to support his claims.
An accompanying elaborate chart shows that Dogecoin formed an inverse head-and-shoulders pattern dating back to March. The left shoulder formed from March 11’s low of $0.14, the head from April 7’s low of $0.13, and the right shoulder from $0.16 on May 6.
Moreover, the breakout from the bullish structure propelled prices to a multi-month resistance trendline, which has impeded Dogecoin’s price since its high of $0.48 on December 8.
While prices have healthily retraced from the supply zone, Bitcoinsensus predicts that bullishness from the H&S pattern and broader market momentum would spur a breakout, specifically in the next seven days.
With the outburst, the market watcher expects a rally to between $0.42 and $0.43, where the next supply zone lies. From the current price of $0.21, the rally will culminate in a 100% and 104% uptick.
Remarkably, Dogecoin price predictions are higher. For one, analyst Javon Marks predicted a price swell to $0.65. In addition, market watcher Chris called for a higher target of $1 by September 2025. Nonetheless, analyst Ali Martinez has identified the resistance at $0.26 as a near-term barrier to higher prices.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
