Dogecoin’s chart setup indicates that the meme coin has completed the “Cup” phase, where prices gradually curved upwards after a long period of accumulation. Now, price action is in the “handle” stage, which, upon completion, usually precedes a breakout to higher levels.
The chart also illustrates a crucial accumulation zone highlighted in green, where the price has been coiling. According to Elite Crypto, this range represents an ideal accumulation area before a larger move unfolds. He emphasized that any price action below the $0.155 level should be considered a solid buying opportunity for spot investors.
His chart also features a descending trendline connecting multiple swing highs from the previous cycle. Dogecoin has already tested the resistance line and shows early signs of breaking out. Above the resistance line, Vexe projects a price target of $0.49, representing a potential upside of roughly 327.67% from the lower support zone.
