According to analyst Ali Martinez, DOGE is currently forming a descending wedge, a classic bullish reversal pattern. "Dogecoin seems to be forming a descending wedge, predicting a 15% price increase!" he noted.

A descending wedge typically indicates a consolidation phase before a breakout. If DOGE can convincingly break through the upper resistance line, this could confirm a move toward higher price targets.

Bull Flag Targeting $0.29

Cryptocurrency influencer Carl Moon is also optimistic upon discovering a bullish flag pattern on DOGE's 4-hour chart.

"$DOGE is about to take off! Once it breaks through this bullish flag, the target will be $0.29," Carl said, predicting an increase of nearly 30% from the current level.

The bullish flag appears after a strong rally earlier in the month and indicates the price is temporarily stabilizing before the next surge.

Key Points

  • Current price (as of May 18): Approximately $0.214

  • Short-term bullish potential: 15%–30%

  • Breakout confirmation level: Resistance level above near $0.22–$0.23

Traders are advised to closely monitor volume and candle confirmations, as breakouts from wedge and flag patterns are more reliable with strong follow-through.

Conclusion

With technical indicators gradually stabilizing and growing optimistic sentiment, Dogecoin may be preparing for its next move — and all eyes are on the potential breakout that could send the price soaring to $0.29 in the near future.