A widely followed cryptocurrency trader said Thursday that Dogecoin’s DOGE/USD bullish momentum is expected to continue, with the meme coin potentially breaking out above $0.1850.

What Happened: BitGuru, who is known for his analysis of cryptocurrencies' price patterns, said that the popular meme coin is stabilizing above a key support level after completing a “classic” cup-shaped recovery.

The cup-shaped recovery is a bullish continuation pattern in which the price recovers gradually from a downtrend, with the trajectory forming a cup.

“If the price holds this level, we’re likely heading toward a fresh breakout above $0.1850 in the next leg up,” BitGuru said.

$DOGE just completed a classic cup-shaped recovery and is stabilizing above key support bullish momentum is clearly building.If the price holds this level, we're likely heading toward a fresh breakout above $0.1850 in the next leg up.#Dogecoin #Tradingview pic.twitter.com/JzLMmIFvud— BitGuru (@Bitguruo) December 15, 2023This bullish prediction was further supported by another well-known chart analyst, Trader Tartigrade, who spotted a bull flag, another pattern that signals the continuation of an upward trend.

“The breakout of the flag could send DOGE to $0.22,” Trader Tartigrade added.

On the other hand, the Commodity Channel Index, which measures the difference between the current price and the historical average price, showed that DOGE was overbought and flashed a “Sell” signal, according to TradingView.

These predictions come after DOGE experienced a 17% surge in the past week, following Bitcoin’s BTC/USD return to the $90,000 level. Among the mega-cap coins, DOGE was one of the highest gainers during this period.

See More: Top 5 Cryptocurrencies To Watch Out For In December

At the time of writing, DOGE was trading at $0.1811, showing an increase of 5.05% over the past 24 hours, according to Benzinga Pro. For the year to date, the meme coin had experienced a decline of 42%.