Dogecoin [DOGE] has seen a major price surge over the past week as its price has surged into double digits. Meanwhile, the world’s largest memecoin has also broken out of a bullish pattern, hinting at a sustained price increase in the coming days.

Dogecoin Finally Breaks Out

DOGE investors had a good week as the memecoin price increased by 20%. As a result, more than 4.9 million Dogecoin addresses are in the profit, accounting for more than 72% of all DOGE addresses.

In that context, World Of Charts, a popular crypto analyst, posted a tweet revealing an interesting development. The tweet revealed a bearish wedge pattern on the DOGE price chart.

This pattern emerged in March and since then, DOGE’s price has been consolidating within the pattern. At this point, DOGE has broken out above the pattern. According to the tweet, this could fuel a near 100% rally in the coming days or weeks.

However, there is also some bad news. According to TinTucBitcoin’s analysis of Dogecoin’s Fear and Greed Index, the index is at “extreme greed.” When the index reaches this level, the chance of a price correction is very high.

DOGE Key Levels

So, TinTucBitcoin took a closer look at Dogecoin’s daily chart to get a better idea of ​​what might be happening. According to our analysis, Dogecoin price has hit the upper limit of the Bollinger Bands.

Such events usually result in price corrections. However, the MA reveals that the bulls are still in charge of the market as the 9-day MA is above the 21-day MA.

According to our analysis, if the bullish breakout pattern is validated, it will be crucial for DOGE to break above $0.13 as at that level, liquidations will spike.

However, in case the bears gain the upper hand, Dogecoin could drop to $0.11 on the chart quickly.