Analyst Predicts Dogecoin Breakout, Highlights Key Buying Zones
The Dogecoin price is potentially set for a breakout after prolonged sideways trading. Analysts observe a bullish structure that could lead to upward movement, though optimal buying opportunities are seen at lower levels before a major rally.
Chart Pattern Suggests Breakout Toward $0.5
- Market analyst Elite Crypto highlights a Cup and Handle pattern in Dogecoin's chart, typically indicating long-term bullish reversals.
- The "Cup" phase appears complete, suggesting a potential breakout during the "handle" stage.
- If history repeats, DOGE may rally toward $0.50, representing a gain of over 160% from its current level of around $0.19.
- An accumulation zone below $0.155 is identified as a strategic buying area.
Reversal Structure and Buying Zone
- Crypto expert Vexe identifies a key buying zone for Dogecoin, noting stability near $0.20 after rebounding from a demand area.
- A descending trendline shows early signs of a breakout, with a projected target of $0.49, marking a potential 327.67% upside from support zones.
- This target would mean a 157% increase from DOGE's current price of $0.19.
- Despite these insights, DOGE has recently dropped by about 4% in one day and 28% over the past month.