The weekly chart shows that the $DOGE price peaked at $0.7390 in 2021 when Elon Musk was pumping it. It then plunged and bottomed at $0.048 in June 2022.
The coin has slowly formed a cup-and-handle pattern whose upper side is at $0.4522, its highest point in November last year and May 2021.
A C&H pattern has two parts. The cup section has a rounded bottom and horizontal support. The handle section has either a pullback or some consolidation.
In Dogecoin’s case, the handle part has been a pullback from a high of $0.4522 in November to $0.1295.
A bullish breakout will happen when the $DOGE # price rises above the upper side of the cup at $0.4522.
The profit target in a Cup and Handle pattern is determined by measuring the depth of the cup and projecting that same distance upward from the cup’s upper rim. In this case, the cup has a depth of 92%, giving the target price at $0.8630, up by 295% from the current level.
