Dogecoin Prepares to Break Out: Analysts Discover Bullish Chart Patterns

According to analyst Ali Martinez, DOGE is currently forming a falling wedge pattern, a classic bullish reversal pattern. "Dogecoin appears to be forming a falling wedge pattern, predicting a price increase of 15%!" he noted. A falling wedge typically indicates a consolidation phase before a breakout. If DOGE can convincingly break above the resistance line, this could confirm a move towards a higher price target.

Bull Flag Targeting $0.29 Influencer in the cryptocurrency field Carl Moon is also optimistic upon discovering a bullish flag pattern on the 4-hour chart of DOGE.

"$DOGE is about to take off! When it surpasses this bullish flag, the target will be $0.29," Carl said, predicting an increase of nearly 30% from the current level. The bullish flag appears after a strong rally at the beginning of the month and indicates that the price is temporarily stabilizing before the next rally. Key Points Current price ( as of 18th of May 5): Approximately $0.214Short-term bullish potential: 15%–30%Breakout confirmation level: Upper resistance near $0.22–$0.23 Traders are advised to closely monitor volume and candle confirmations, as breakouts from wedge and flag patterns are more reliable with strong follow-through. Conclusion With technical indicators stabilizing and an increasingly optimistic sentiment, Dogecoin may be preparing for its next move — and all eyes are on the potential breakout that could help the price surge to $0.29 in the near future.