Dogecoin price prediction: Head and shoulders breakout points to $0.30 target

Dogecoin has confirmed a bullish head and shoulders breakout, with the neckline now acting as critical support. A successful retest could ignite the next major rally in DOGE price action. Dogecoin’s ( DOGE ) price action has turned decisively bullish after breaking out of a textbook head and shoulders pattern, widely considered one of the strongest bullish reversal setups in technical analysis. This breakout triggered a sharp rally that recently pushed DOGE to a swing high of $0.25. Now, with the neckline flipped into support, traders are watching closely for a retest to confirm whether the move has enough momentum to extend higher. Key technical points, Head & Shoulders Breakout: Confirmed structure with neckline breach and bullish follow-through Neckline Support Zone: $0.21–$0.22 holds the key to sustaining momentum Volume Confirmation: Influx of buying volume during breakout signals strong market participation DogeUSDT (1D) Chart, Source: TradingVIew The head and shoulders pattern unfolded over several weeks, as price carved out a classic structure with a left shoulder, a deeper head, and a slightly lower right shoulder. The breakout occurred once the neckline, located between $0.21 and $0.22, was breached, sending Dogecoin sharply higher to $0.25. What makes this breakout especially notable is the volume confirmation. The surge in trading volume during the neckline breach suggests strong market conviction, a key indicator that the move is backed by genuine buying interest rather than speculative momentum. You might also like: Is Bitcoin really the anti-bank wildcard? Now, all eyes are on the neckline support zone. If Dogecoin returns to retest the $0.21–$0.22 level and successfully holds above it, this would validate the breakout and potentially act as a launchpad for the next bullish leg. Such a retest would indicate demand is strong enough to sustain higher prices, and it may encourage sidelined buyers to jump back in. On the flip side, a failure to hold this support could signal weakness in the structure and delay the next leg upward. However, given the current strength in trend and structure, the probability of bullish continuation remains high, especially if the support retest coincides with another volume increase. What to expect in the coming price action If Dogecoin holds the $0.21–$0.22 neckline on a retest, expect price to retest and potentially break the $0.25 swing high. A confirmed breakout above that level could pave the way for targets at $0.28 and $0.30 in the short term. Read more: Galaxy Digital posts $295m Q1 loss, plans Nasdaq listing on May 16

Source: crypto.news