Dogecoin is about to break out: Could it break through to $0.37?

Dogecoin (DOGE) is currently receiving significant interest from both the investment community and large institutions. This attention comes not only from positive technical signals but also from important events, including 21Shares' application for the establishment of a Dogecoin ETF. With a combination of these factors, many analysts predict that DOGE will likely reach a price of $0.29 in the near term, opening up new breakout opportunities for this meme coin.

21Shares ETF filing draws attention to Dogecoin

On May 29, 21Shares officially filed for the establishment of a Dogecoin ETF, marking a significant breakthrough in bringing DOGE into the mainstream financial system in the United States. This is the first time a major organization has made this move, creating a controlled investment method for investors who want to access Dogecoin without needing to manage a cryptocurrency wallet directly.

This decision comes after the success of Bitcoin and Ethereum-related ETFs, financial products that have attracted strong attention from the investment community. If the Dogecoin ETF is approved, it will not only help improve liquidity for DOGE but also open up opportunities for large investors to participate in this market without worrying about the technical issues related to wallets. Large cash flows from institutions could drive significant growth for Dogecoin in the near future.

Technical signals promise a price level of $0.29

In addition to the significant interest from institutions, technical signals are also showing a strong bullish outlook for Dogecoin. According to analysis from expert Trader Tardigrade, the DOGE price chart on the daily timeframe has formed an ascending triangle pattern. This pattern is characterized by the continuous touch of the price with support and resistance levels over a long period of time. Currently, the DOGE price is approaching the top of the triangle, creating a strong breakout opportunity.

If DOGE can break through the important resistance level at $0.245 and close above this level with high trading volume, there is a high possibility that the price will continue to rise strongly, aiming for the next target in the range of $0.285 – $0.29. This price volatility will reflect the continuation of the triangle pattern, opening up the possibility for a major breakout in the near future. These technical signals further reinforce the forecast that DOGE may achieve significant breakthroughs in the short term.

Breakthrough forecast of Dogecoin in early June

Trader Tardigrade also pointed out that a small move might occur during the current consolidation phase of Dogecoin, paving the way for a breakout in early June. This will depend on the overall market conditions and trading volume, but if this positive trend continues, DOGE could witness a significant price surge in the first week of June.

In particular, Trader Tardigrade's analysis has detected an inverted "head and shoulders" technical pattern on the daily DOGE price chart. This is a very strong bullish reversal pattern, indicating that DOGE's downtrend may have ended, and a strong growth phase is approaching.

With the neckline of this pattern around the price level of $0.25, if DOGE breaks through this threshold with strong trading volume, it is highly likely that the price will continue to rise and may reach the target of $0.37 — a price level predicted based on the height of the head to the neckline. This pattern not only reinforces bullish expectations but also opens up promising prospects for DOGE in the near future.

The bullish flag pattern is consolidating the upward momentum of DOGE

FLASH Trading analysts also point out that Dogecoin is currently consolidating within a bullish flag pattern, a clear sign that this meme coin is preparing for its next breakout. After breaking the descending wedge pattern, DOGE has entered a consolidation phase within an upward channel, indicating that the strong upward momentum is still ongoing.

Source: XIf DOGE can close above the level of $0.245, the price is likely to approach the target of $0.423, according to FLASH's forecast. This will open a new growth cycle, and if the market stabilizes along with Bitcoin's growth to $120,000, DOGE could achieve even higher prices in the future.

Currently, Dogecoin is trading at $0.2. Signals from both technical analysis and macro market factors such as Bitcoin indicate that DOGE is in a good position to witness strong growth, continuing to attract interest from large investors and institutions.

Taylor