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Dogecoin slipped 7% early this week, wiping out much of its gains from last Friday. But a pair of chart watchers say the pullback could be brief.
According to analysis from Jake Wujastyk, the meme token is poised for a sharp climb once key levels hold. Based on reports from fellow analyst Bitcoinsensus, theres even more upside sketched out on detailed patterns.
Jake Wujastyk spotted a descending triangle that began forming after Dogecoin hit $0.26 on May 11. Prices swung between the upper resistance line and a lower support line, tightening the wedge. Earlier, DOGE surged 8% in a single session, pushing near the top trend line.
Daily Trend Break Opportunity on $DOGE ?#Dogecoin has been slightly pulling back in a very healthy manner, preparing for the next major breakout?
The anticipated breakout is expected to happen within the next 7 days, with a retest of the trendline for confirmation.
Next pic.twitter.com/tykuWOfAbs
Bitcoinsensus (@Bitcoinsensus) May 19, 2025
Now the coin has dipped back into the wedge, but its still trading between those two lines. If the pattern breaks upward, Wujastyk argues that it could set the stage for a rapid move higher. Volume hasnt spiked yet, so the setup isnt sealed. But the shape of the chart suggests potential for a breakout.
#Dogecoin There’s no way I couldn’t take this trade with a chart that looks like this.
Target is a double here around 45 cents. pic.twitter.com/HxbrFVseiv
Jake Wujastyk (@Jake__Wujastyk) May 18, 2025
Based on reports, Wujastyk expects a twofold rally from current levels. That means pushing from around $0.21 today to roughly $0.45. Thats about 114% higher. Hes confident theres no way you wont take a Dogecoin trade if the chart action holds.
His call comes as the token struggles this week, down 7% in one day and flirting with erasing the prior weeks gains. Wujastyks bullish view hinges on a bounce off the wedges support, followed by a strong push through resistance. If it happens, traders could see quick gains, he says.
Another voice, analyst Bitcoinsensus, sees a similar move to above $0.40 but on a slightly different pattern. He points to an inverse head?and?shoulders that formed between March and early May.
The left shoulder came from a March 11 low at $0.14, the head from an April 7 dip to $0.13, and the right shoulder near $0.16 on May 6. After the pattern broke out, DOGE hit a trendline thats capped gains since Decembers $0.48 high.
Even with a pullback from that supply zone, Bitcoinsensus says a further push could launch Dogecoin back toward $0.42$0.43 within seven days. Those targets suggest a 100104% jump from todays price.
Featured image from Unsplash, chart from TradingView