The Dogecoin price may be gearing up for a significant breakout after experiencing an extended period of sideways trading and consolidation. Recent market analyses indicate that DOGE is developing a bullish structure, which could potentially facilitate a strong upward movement. However, experts caution that optimal buying opportunities are likely confined to particular lower price levels before a substantial rally can commence.
Market analyst Elite Crypto has recently highlighted on social media that Dogecoin appears to be forming a major breakout pattern. This analysis suggests an imminent upward move. The chart presented by the analyst depicts a classic Cup and Handle formation, commonly associated with long-term bullish reversals. In this setup, Dogecoin has already completed the “Cup” phase, characterized by a gradual price rise after an extended accumulation period, and is currently in the “handle” phase. Traditionally, the completion of this pattern often leads to a breakout toward higher price levels.
According to this analysis, the base of the cup spans from early 2022 through 2024, during which Dogecoin has been consolidating steadily before a potential rebound into 2025. If historical trends hold, analysts anticipate that the DOGE price could surge toward the $0.50 mark, signaling a potential increase exceeding 160% from its current price around $0.19. Additionally, the chart illustrates a vital accumulation zone marked in green, where the price has been coiling. Elite Crypto suggests that any price movement beneath the $0.155 mark should be viewed as an excellent buying opportunity for investors.
Complementing this view, crypto market expert Vexe has identified another crucial buying zone for Dogecoin. His analysis indicates that DOGE has effectively cleared all downside liquidity and is consolidating firmly above its weekly support range. The recent price action showed a rebound from a significant demand area after testing lower levels, with stabilization occurring near $0.20. This suggests that sellers may be running out of steam, paving the way for a potential reversal.
Vexe’s chart analysis further emphasizes a reversal zone, highlighted in green, which he describes as an ideal buying area. He also notes a descending trendline connecting multiple swing highs from a previous cycle, showcasing that Dogecoin has tested the resistance line and could be on the verge of breaking out. Should this resistance be crossed, Vexe sets a price target of $0.49, indicating a potential upside of roughly 327.67% from the lower support range. Notably, this target also reflects a 157% increase from DOGE’s current price of $0.19.
However, it’s essential to note that according to CoinMarketCap, the meme coin has experienced a downturn of approximately 4% in a single day and is down about 28% over the past month. Traders and investors will be closely monitoring the evolving price movements for indications of the anticipated breakout and potential buying opportunities in the near future.
