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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, there’s even more upside sketched out on detailed patterns.
Chart Pattern Signals Potential Breakout
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 it’s 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 hasn’t spiked yet, so the setup isn’t 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
Analyst Forecasts Rapid Price Rise
Based on reports, Wujastyk expects a “twofold rally” from current levels. That means pushing from around $0.21 today to roughly $0.45. That’s about 114% higher. He’s confident there’s “no way you won’t 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 week’s gains. Wujastyk’s bullish view hinges on a bounce off the wedge’s support, followed by a strong push through resistance. If it happens, traders could see quick gains, he says.
Mixed Targets Highlight Uncertainty
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 that’s capped gains since December’s $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 100–104% jump from today’s price.
Featured image from Unsplash, chart from TradingView
