Dogecoin Chart Patterns Hint at Explosive 100% Rally, Say Top Crypto Traders

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<a href="https://tech-oracle.com/doge-usd/">Dogecoin</a> Chart Too Good To Ignore, Says Trader Eyeing Double

Early this week, Dogecoin experienced a dip of approximately 7%, which largely erased its advancements from last Friday. However, two analysts who closely monitor charts predict that this decline might only be temporary.

As per Jake Wujastyk’s analysis, the meme token is expected to see a significant increase if crucial thresholds are maintained. According to BitcoinSensus‘ findings, there may be additional growth potential indicated by intricate chart patterns.

Chart Pattern Signals Potential Breakout

Jake Wujastyk noticed that a descending triangle started developing for Dogecoin after it reached $0.26 on May 11th. The prices oscillated between an upper resistance level and a lower support level, making the wedge increasingly narrow. Previously, DOGE experienced a 8% increase in just one trading session, approaching the top trend line.

The recent trend pullback on Dogecoin ($DOGE) is happening in a favorable and orderly fashion, suggesting it could be gearing up for a significant breakthrough.

In simple terms, we anticipate a significant event, or ‘breakout’, to occur within the coming week. After that, there might be a chance for the trend to be tested again for verification.

Next…

— Bitcoinsensus (@Bitcoinsensus) May 19, 2025

Currently, the coin is once again within the defined range, oscillating between the two lines. Should the trendline upward be breached, as suggested by Wujastyk, it could pave the way for a quick increase. However, the volume hasn’t surged significantly yet, indicating an incomplete setup. The chart’s structure hints at the possibility of a breakout.

#Dogecoin There’s no way I couldn’t take this trade with a chart that looks like this.

Target is a double here around 45 cents.

— Jake Wujastyk (@Jake__Wujastyk) May 18, 2025

Analyst Forecasts Rapid Price Rise

According to recent updates, Wujastyk forecasts a significant increase in the value of Dogecoin (DOGE). Specifically, he predicts that the price could double from its current level around $0.21, potentially reaching approximately $0.45. This represents an increase of around 114%. He strongly advises that if the market trends continue as expected, a trade in Dogecoin would likely be profitable.

His call arrives amidst the stock’s turbulent week, with a 7% drop in one day and potentially wiping out last week’s progress. Wujastyk remains optimistic, predicting a rebound from the wedge’s base, leading to a robust breakthrough of resistance. If this occurs, traders might experience swift profits, according to him.

Mixed Targets Highlight Uncertainty

According to another analyst, Bitcoin consensus, there’s a possibility of a price surge beyond $0.40, though the pattern might differ slightly. He highlights an inverted head-and-shoulders formation that emerged between March and early May as a potential indicator for this prediction.

The left shoulder formed following a low point on March 11 at $0.14, the head was created during a dip on April 7 at $0.13, and the right shoulder is close to $0.16 on May 6. After the pattern broke, DOGE reached a trendline that has limited its growth since it hit a high of $0.48 in December.

As a researcher, I find it intriguing that despite the withdrawal from its supply zone, Bitcoinsensus predicts a potential surge could propel Dogecoin towards approximately $0.42 to $0.43 within the coming week. This forecast implies a significant increase of around 100% to 104% from the current price, if the prediction holds true.

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2025-05-21 02:28