Captain Faibik, a top analyst, shared an analysis with his followers on X (formerly Twitter) and stated that Dogecoin (DOGE) is showing signs of gearing up for a potential breakout.
The DOGE chart reveals a bullish pattern forming, and Faibik suggests that a breakout could send the meme coin king soaring toward the $0.20 level. However, this potential move comes as Dogecoin consolidates within a falling wedge pattern.
What you'll learn 👉
Dogecoin Chart: Technical Pattern Points to Potential Breakout
Dogecoin has been trading within a falling wedge pattern on the daily chart, which is usually seen as a bullish indicator. This pattern is created by two downward lines that converge, suggesting the price may soon turn around.
Currently, the DOGE price is testing the upper resistance of the wedge, which sits around the $0.11 zone. However, a successful breakout from this level could lead to a substantial pump.
Captain Faibik mentioned that a breakout could send Dogecoin as high as $0.20. DOGE’s price target represents a 91% increase from the current levels and aligns with previous major price swings seen earlier this year.
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Show more +Key Levels to Watch for Dogecoin
According to the chart analysis, for DOGE to confirm a bullish breakout, the price must decisively clear the $0.11 resistance. Once this level is breached, the next significant target is the $0.20 mark.
Moreover, if the Dogecoin price fails to break out of the wedge, it could face a downside risk, with support likely to hold around $0.09. This level marks the lower boundary of the wedge and could act as a safety net for the price in case of rejection from the upper resistance.
Read Also: Here’s How Bitcoin Price Performed in Q4 – Will BTC Smash 100K Soon?
Can Dogecoin Price Hit $0.20?
If Dogecoin successfully breaks out of the wedge and the necessary volume follows, the next key level to target would be $0.20. This target aligns with Captain Faibik’s analysis and corresponds to previous highs observed earlier this year.
Moreover, the move to $0.20 is not guaranteed, and traders should remain cautious until the breakout is confirmed with volume and price action.
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