- Analyst Jake Wujastyk identifies bullish Dogecoin descending triangle pattern.
- Dogecoin predicted to reach $0.45 target despite recent 7% pullback.
- Multiple analysts agree on potential rally above $0.40 within next week.
A prominent market analyst has highlighted exceptional bullish patterns in the Dogecoin chart, projecting a potential twofold price rally despite recent market corrections. Jake Wujastyk’s analysis suggests DOGE is poised for a strong upward breakout even as the token has dropped 7% in the current trading session.
“There is no way you wouldn’t take a Dogecoin trade with this setup,” Wujastyk stated in his Sunday commentary, pointing to a developing descending triangle pattern that began forming after Dogecoin’s rally to $0.26 on May 11. The pattern shows prices fluctuating between upper resistance and lower support, with the structure becoming increasingly tight—typically a precursor to a significant breakout.
While today’s pullback has erased most of last week’s gains, DOGE still trades within the wedge formation, maintaining the validity of Wujastyk’s analysis. From the current position, he projects a breakout leading to a 114% rally that would take prices to $0.45.
This target represents more than double the current price of approximately $0.21, suggesting substantial upside potential once the pattern completes its resolution.
Inverse head-and-shoulders supports Dogecoin bullish case
Analyst Bitcoinsensus shares a similar bullish outlook, identifying an inverse head-and-shoulders pattern dating back to March that further strengthens the case for a Dogecoin surge. According to his technical analysis, this pattern formed with the left shoulder at the March 11 low of $0.14, the head at the April 7 low of $0.13, and the right shoulder at the May 6 level of $0.16.
The breakout from this formation pushed DOGE prices to a multi-month resistance trendline that has capped the token’s upward movement since its December 8 high of $0.48. Bitcoinsensus believes that momentum from the finished head-and-shoulders pattern will propel a breakout specifically during the next seven days, even if prices have retraced from this supply zone.
His target range falls between $0.42 and $0.43, where the next major supply zone sits. This projection represents a 100-104% increase from current levels, closely aligning with Wujastyk’s forecast.
