Crypto Trader Predicts 30% Dogecoin (DOGE) Price Surge: Analysis and Outlook

Crypto analyst ZAYK Charts has identified a bullish pennant pattern for Dogecoin (DOGE) on the 4-hour chart, signaling a potential price breakout. Sharing insights on X (formerly Twitter), ZAYK suggests that DOGE could climb to $0.50 if it successfully breaks out of its current consolidation phase.

Technical Analysis: Bullish Pennant Formation

ZAYK’s analysis highlights a distinct bullish pennant structure, where converging trendlines follow an upward price movement. DOGE is currently trading between a descending resistance at $0.40 and ascending support at $0.38, forming a symmetrical triangle pattern.

The consolidation phase shows steady buying pressure at lower levels while sellers dominate near resistance. This price compression could generate momentum for an upward breakout.

Price Projections and Key Levels

Primary Target: $0.50, derived from the flagpole height of the bullish pennant. This would represent a 30% increase from the $0.40 resistance.

Support Level: $0.38, identified as a crucial zone to sustain upward momentum or absorb potential corrections.

Market Structure and Volume Trends

The 4-hour chart indicates a well-defined trading range, with decreasing volume during consolidation—a common characteristic of pennant formations. This suggests accumulation, as traders position for a potential breakout.

At the time of writing, DOGE is trading at $0.3966, reflecting a 2.18% increase in the past 24 hours and a 9.73% rise over the past week. According to CoinGecko, its daily trading volume stands at $9.8 billion.

Final Note

While bullish signals point to potential gains, investors should approach meme coin investments cautiously due to their inherent volatility. For more crypto updates, follow ZAYK Charts on X and explore tools like eToro for trading.

Disclaimer: Crypto investments are high-risk, and investors should be prepared for the possibility of losing their entire investment.