Dogecoin Chart Too Good To Miss, Trader Says Keeping an Eye on Double

Dogecoin has fallen 7% at the start of this week, wiping out most of the gains from last Friday. However, some chart followers suggest that the pullback may only occur in the short-term. According to analysis from Jake Wujastyk, this meme token is preparing for a strong rise as important levels are being held. Based on the report from analyst Bitcoinsensus, there is even more potential for further price increases outlined in detailed models. Signal Breakthrough Pattern Chart Jake Wujastyk discovered a descending triangle starting to form after Dogecoin reached $0.26 on May 11th. The price fluctuates between the upper resistance line and the lower support line, tightening into a wedge. Previously, DOGE surged 8% in a single session, pushing close to the upper trend line.

Now the coin has fallen back to the threshold, but it is still trading between those two lines. If the pattern breaks upwards, Wujastyk argues that it could set the stage for a rapid upward move. The volume has not spiked yet, so the setup is not sealed. But the shape of the chart indicates breakthrough potential.

Analyst Predicts Rapid Price Increase Based on the reports, Wujastyk expects a "doubling" from the current level. This means an increase from about $0.21 today to about $0.45. This figure is approximately 114% higher. He is confident that "there's no way you won't be trading Dogecoin" if the actions on the chart remain unchanged.

His call comes as the token struggles this week, falling 7% in a day and on track to erase last week's gains. Wujastyk's optimistic outlook hinges on a recovery from the wedge's support level, followed by a push through the resistance level. If that happens, traders may see a quick increase, he said. The Composite Target Highlights Uncertainty Another voice, the analyst at Bitcoinsensus, sees a similar move up above $0.40 but according to a slightly different pattern. He points out an inverted head and shoulders pattern that formed from March to early May. The left shoulder originated from the low of March 11 at $0.14, the head from the drop on April 7 at $0.13, and the right shoulder near $0.16 on May 6. After the pattern broke out, DOGE reached the trend line that has limited gains since the high of $0.48 in December. Even with a pullback from that supply zone, Bitcoinsensus stated that a further push could bring Dogecoin back to the $0.42–0.43 range within seven days. These targets indicate a 100–104% increase from the current price.