Summary:
- Dogecoin forms a bullish descending triangle, signaling potential breakout.
- Analyst Jake Wujastyk predicts DOGE could rally 114% to hit $0.45.
- Inverse head-and-shoulders pattern adds further bullish confirmation.
- “There is no way you wouldn’t take a Dogecoin trade with this setup,” says Wujastyk.
- Analyst Bitcoinsensus targets a breakout to $0.42–$0.43 within a week.
Bullish Patterns Hint at Dogecoin Explosion
Dogecoin (DOGE) might be gearing up for a powerful breakout, according to multiple top analysts. Despite a recent 7% dip, the meme coin remains technically strong within a descending triangle formation—often a precursor to upward momentum.
Jake Wujastyk, a prominent market analyst, highlighted this setup, noting:
“There is no way you wouldn’t take a Dogecoin trade with this setup.”
The pattern has been forming since DOGE’s May 11 high of $0.26 and continues to tighten, maintaining bullish potential. Wujastyk’s analysis projects a breakout that could push DOGE to $0.45—a 114% increase from its current price of around $0.21.
Inverse Head-and-Shoulders Backs the Bull Case
Supporting this view is analyst Bitcoinsensus, who identifies a classic inverse head-and-shoulders pattern dating back to March. This bullish formation adds weight to the breakout narrative, with the key resistance trendline formed from the December 8 high of $0.48.
Bitcoinsensus expects DOGE to surge within the next seven days, forecasting a target range of $0.42 to $0.43, aligning closely with Wujastyk’s outlook.
What This Means for Investors
With strong technical patterns forming and bullish sentiment among experts, DOGE could be set for a major rally. While the market remains volatile, these formations suggest that Dogecoin may soon reclaim its place in the spotlight.
For traders and holders alike, the next week could prove crucial.