The pattern began forming after Dogecoin’s decline from its peak, with price action bottoming at $0.048 on June 13, 2022. Multiple attempts to break below this lower boundary occurred on June 5, August 14, and October 9 of 2023, but each effort failed to establish new lows.
The chart identifies $3.08 as a potential target if the breakout materializes, which would represent more than a 13x increase from current levels. This ambitious target reflects the measured move potential of the multi-year consolidation pattern.
The analyst’s conservative approach acknowledges that premature breakout calls have led to disappointment, making confirmation above key resistance levels crucial for validating the bullish scenario.