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.
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.
Image Source: X/CaptainFaibik
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.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 450K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less – 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.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Dogecoin (DOGE) Price Is Gearing Up for Another ‘Bullish Leg’ – Here’s Why $0.20 Is Next appeared first on CaptainAltcoin.
