How Dogecoin (DOGE) Price Can Double Despite Latest Fakeout

• Dogecoin seems prepared for a relaunch after the first breakout failed to sustain momentum.
• Enthusiasts may expect a 40% surge toward $0.216 in the upcoming week.
• A weekly candle close under $0.11 will annul DOGE’s bullish thesis.

Dogecoin erased the gains acquired over the past week, but the meme crypto is yet to turn bearish. Cryptocurrency enthusiasts can still anticipate another rally for DOGE to retest targets it failed to touch before.

DOGE to Relaunch Uptrend

Dogecoin price movements since 3 May 2021 formed five lower lows and four lower highs, revealing a declining wedge pattern (obtained by connecting the swing levels with trend lines). The technical setup predicts a 75% surge to $0.216, concluded by adding the swing high-swing low distance to the $0.123 breakout point.

Dogecoin saw its price breaching the declining wedge’s top trend-line near $0.123 on 21 March, rallying 21%. However, the meme coin seemed to encounter a challenge in April’s second week. Bitcoin’s flash crash plus amplified profit-booking saw DOGE undoing its 29% rally.

Such developments had the altcoin hovering around the $0.151 mark, suggesting a possible 42% run-up. Presuming Dogecoin achieves this objective, it will likely form a local high at the swing peak. Meanwhile, an extended upside might see the token hitting the resistance barrier at $0.322. That would translate to a 113% surge.

While Dogecoin exhibits a massive bearish outlook from a swing viewpoint, a swift fall by Bitcoin might ruin the structure. Meanwhile, a weekly candle close under $0.11 will annul Dogecoin’s bullish narrative. That can see the original meme coin dropping towards $0.07 lows. Sidelined buyers and long-term market participants may join in this area.

For now, Dogecoin trades upside, surging 1.90% over the past day. The upswings over the past few hours emerged following Elon Musk’s support. The Tesla executive made DOGE using drones, kick-starting an upside journey.

The Elon Musk DOGE presentation saw the meme coin surging nearly 9% to $0.1527. Though the alt retraced slightly to $0.1490 at this publication, DOGE remained up for the day. It might be fascinating to see upcoming price reactions amid the ‘Musk’ effect. Stay tuned.

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