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.
.20 Is Next" >
Dogecoin (DOGE) price analysis reveals a potential breakout in the works as the meme coin gears up for another ‘bullish leg.’
Dogecoin price could be set for another bullish run if a breakout occurs. Captain Faibik, a renowned crypto analyst, shared an analysis with his followers on X (formerly Twitter) on Monday.
In his analysis, Faibik highlighted Dogecoin’s bullish pattern formation on the daily chart. According to the chart analysis, a breakout could propel the meme coin king to the $0.20 level.
However, it’s important to note that this potential move comes as Dogecoin consolidates within a falling wedge pattern. Let’s take a closer look at the technical pattern and key levels.
Dogecoin Chart: Technical Pattern Points to Potential BreakoutDogecoin has been trading within a falling wedge pattern on the daily chart, which is typically considered a bullish indicator. This pattern is formed 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 significant pump.
Captain Faibik suggests 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.
Key Levels to Watch for DogecoinAccording 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.
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