Crypto analyst and trader ZAYK Charts has identified a bullish pennant pattern for Dogecoin (DOGE) on the 4-hour timeframe. The analyst shared an analysis, suggesting DOGE could reach $0.50 upon a successful breakout from its current consolidation phase.

The chart analysis reveals a distinct bullish pennant structure, characterized by converging trendlines following an upward price movement. DOGE trades between a descending resistance line near $0.40 and an ascending support level around $0.38, forming a symmetrical triangle pattern.

The consolidation phase demonstrates steady buying pressure at lower levels, while sellers maintain control at the upper boundary. This price action creates a compression zone, setting up potential momentum for an upward breakout.

Price Targets and Support Levels

ZAYK Charts’ analysis points to $0.50 as the primary target, calculated using the flagpole height measurement method. This projection represents a 30% increase from the current resistance level of $0.40.

The chart identifies $0.38 as a key support zone, backed by previous price action. This level serves as a foundation for potential upward movements and acts as a safety net during price corrections.

Market Structure and Volume Analysis

The 4-hour chart displays a clear market structure with defined trading ranges. Trading volume has decreased during the consolidation phase, which aligns with typical pennant formation characteristics.

The pattern suggests accumulation at current levels, with traders positioning themselves for a potential breakout. At press time, Dogecoin trades at $0.3966.