Prominent market analyst and Forbes 30 under 30, Seen On FOX, CNBC, Carl Moon, shared a bullish outlook for Dogecoin amid an imminent structural breakout with his 1.3M followers on X.

Recently, Dogecoin has been heating up again amid new bullish price developments. For perspective, the doggy-themed meme coin surged to an intraday high of $0.18 on Thursday.

The rally follows a broader market bullishness from Wednesday’s dovish FOMC meeting, which saw all major cryptocurrencies experience significant gains.

However, despite pulling back from the high to close at around $0.1694, a recent analysis suggests the imminent resumption of another bullish rally. This is because the token is nearing a structural breakout, which could spur a retest of its January price high.

Dogecoin nears breakout

According to Moon, who is also the founder of The Moon Show, Dogecoin is nearing a breakout on its daily timeframe.

Specifically, the asset looks set to breach above a multi-month falling wedge, which the analyst highlighted in an X post on Thursday.

Interestingly, Dogecoin has been trading within this channel since its January high of $0.4350, forming lower highs and lower lows.

With the leading meme coin’s price trend getting tighter within the wedge, its recent surge to $0.18 has pushed it to the structure’s tip.

According to Moon, the token is now nearing a breakout, which could see it experience a "massive move to the upside" if it manages to break out of the structure.

If not, then the coin could continue lower, to test the bottom of the wedge, or the 2023 low, at around $0.13. However, the analyst predicts that DOGE will "absolutely fly" to $0.434.

Notably, the analyst’s target aligns with the price high of the falling wedge, which was attained two days before Donald Trump’s inauguration.

Alternatively, Dogecoin needs to close above $0.185 on the daily timeframe or risk testing the channel’s bottom once again.

Dogecoin holds crucial support

With Dogecoin nearing a breakout, it still holds key support between $0.16 and $0.17.

Analyst "Whalesdesk" identified this support area in a recent report, stressing its importance for higher prices.

His commentary notes that if Dogecoin manages to keep this demand zone, it could propel to a four-year high of $0.60.

Meanwhile, Whalesdesk highlighted the token’s path to the multi-year high, which includes a stop at $0.30 and $0.45, close to Moon’s price target.

Furthermore, recent network catalysts suggest confidence in Dogecoin’s predicted upward trajectory.

Bullish sentiments from incessant whale accumulations and the surging user participation in the Dogecoin network could catalyze the scintillating northward drive.

In the meantime, DOGE trades at $0.1696, up a mere 1.13% in the past week. As the bears rest at the edges of the market, the bulls are preparing for another round of action.