Jakarta, pintunews – According to the latest analysis from market analysts, the price of Dogecoin (CRYPTO: DOGE) could be set for a more than two-fold surge as it continues to move in a very strong bullish pattern despite the recent market correction.

As reported by pintunews on Sunday (18/6), one of the leading market analysts, Jake Wujastyk, highlighted a very strong bullish pattern in Dogecoin’s chart, with a projected doubling in price despite the token’s decline of about 7% in the current trading session.

"There is no reason not to take a Dogecoin trading position with a formation like this. Target is a double here around 45 cents," Wujastyk stated in his analysis, highlighting the potential for significant gains.

The pattern in question is a descending triangle that began forming after Dogecoin reached a high of $0.26 on May 11. This pattern is characterized by the upper resistance and lower support boundaries converging, typically indicating the build-up to a major breakout.

While today’s price drop has wiped out most of last week’s gains, it’s still within that wedge pattern, making Wujastyk’s analysis still relevant.

From the current position, he predicts a breakout that could push the upside up to 114%, which would take the price to the $0.45 level.

This target is a multiple of the last pivot point, and it also coincides with the next major supply zone in the market.

At the moment, the price of DOGE is trading at around $0.21, which is very close to the lower boundary of the descending triangle.

If the technical analysis holds true and the pattern plays out as expected, then we could see a breakout from this pattern and a surge in the price of DOGE in the next seven days, even if the price corrects from the supply zone.

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If the price of DOGE breaks out of the triangle pattern, it could rise to the next major supply zone, which is located in the range of $0.42 to $0.43.

This projection suggests a potential upside of 100-104% from current price levels, and is very much in line with Wujastyk’s prediction.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.