Breakout Above This Pattern Could Send Dogecoin to $3, Analyst Says

An analyst has charted a multi-year symmetrical triangle for Dogecoin, noting that a breakout above a key pattern could propel DOGE to the moon.

Dogecoin remained stable above the $0.22 mark between May 20 and May 26, following a peak of $0.25 on May 23.

Over the past 24 hours, the token has gained 4.1%, suggesting a possible rebound from a technical support zone. On a weekly basis, DOGE is up 5%, signaling sustained strength despite a midweek pullback.

Multi-Year Pattern on Technical Charts

Amid this relatively strong performance, TradingView analyst Akbar Karimzsfeh called attention to a long-term consolidation pattern on Dogecoin’s chart. The symmetrical triangle structure dates back to the asset’s all-time high of $0.73536 on May 3, 2021.

The formation began after the decline from that high, with the price bottoming at $0.048 on June 13, 2022. Attempts to break below this lower boundary followed on June 5, August 14, and October 9 of 2023. However, each effort failed to push the price lower.

At the core of the analysis lies a large yellow-shaded zone labeled as a “cup,” covering the period from mid-2021 to early 2025. The cup pattern represents long-term accumulation.

Breakout Above This Level Could Send Dogecoin to the Moon

In this context, the two converging lines of the symmetrical triangle confirm that Dogecoin remains in consolidation mode. Notably, the upper edge of the triangle also aligns with the rim of the cup near $0.49160. According to the analyst, a breakout above this level is critical for further upside.

Following an attempted breakout in December 2024, the price approached the $0.4916 resistance level but was rejected. It then dropped to $0.13, marking a significant pullback. Since then, Dogecoin has shown resilience by regaining value during the May rally. 

The analyst emphasized that only a breakout above the top of the yellow pattern, aligned with the rim of the cup, could trigger a substantial upward move. Until such confirmation occurs, he advised a cautious approach, urging market participants to “wait and watch.”

Upon a breakout, the chart identifies $3.08 as a potential target that DOGE holders can aim for.

DOGE On-Chain Data Supports Potential Surge

Meanwhile, on-chain metrics reflect a sharp increase in user activity. Over the past seven days, new addresses surged by 102.40%, while active addresses rose by 111.32%. 

Additionally, zero balance addresses increased by 155.45%, highlighting higher turnover and user engagement within the network.

These metrics suggest increased interest and transactional activity across the Dogecoin ecosystem, which could contribute to taking Dogecoin to the moon.