This Chart Suggests Dogecoin (DOGE) Price May Be Gearing Up for a 27% Move – Here's Why

Dogecoin might be setting up for a solid midterm move

The cryptocurrency market continues to be a hot topic, with traders eagerly watching for any signs of a major price move. One coin that is currently in the spotlight is Dogecoin (CRYPTO: DOGE).

According to prominent analyst World Of Charts, who is followed by 104,900 X users, Dogecoin might be setting up for a solid midterm move. The analyst shared a chart of DOGE on Thursday, highlighting the fact that the price has finally broken out above a long-standing descending trendline and is now in the middle of a retest.

"The breakout has already occurred, and currently, #dogecoin is retesting the breakout zone. If the support holds and momentum picks up, we might see a massive bullish wave unfolding as the chart shows with a 27.63% price increase and a projected price range of $0.22–$024," the analyst stated.

This technical breakout is accompanied by a pullback, a pattern that occurs when assets test their new support zone after a breakout. At present, Dogecoin is maintaining price action above the $0.155–$0.160 level. This zone previously acted as resistance during the wedge formation and is now being encountered as support.

The chart also highlights a key support level, which appears to be centered around the $0.155–$0.160 range. This zone has held firm during previous attempts to push the price lower, reinforcing its role as a high-demand area.

If buyers manage to maintain control at this level, we can expect price continuation toward the upside. The projected target for this move is set in the $0.22–$0.24 range. This area aligns with past resistance levels and also corresponds to the measured move derived from the height of the wedge.

The chart includes a visual indicator pointing toward this potential price level, estimating a 27.63% upside.