Dogecoin Price Chart Flashes Clean Bull Flag At $0.38, Here’s The Next Target
Dogecoin price recently displayed a classic bull flag pattern on its price chart, a technical indicator that typically signals continued upward momentum. Dogecoin price Most trades below $0.4 Prices have continued to consolidate over the past seven days. As of this writing, Dogecoin is trading at $0.39, firmly in the consolidation phase of a bull flag pattern.
KrissPax identifies key Dogecoin price targets
Cryptocurrency analyst KrissPax took to social media platform X to highlight the development of a bull flag pattern, which reflects the current bullish sentiment surrounding DOGE price. In particular, this bull flag pattern is highlighted on the 2-hour candlestick chart of Dogecoin price.
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The bull flag pattern is characterized by a sharp price increase (the flagpole) followed by a period of consolidation in a downward sloping channel (the flag). This pattern suggests that the asset may resume its previous uptrend once the flag’s upper trendline is broken.
In terms of DOGE price, the flagpole was formed by the rise in Dogecoin price from November 8 until it peaked at $0.446. From that point on, the merger led to the creation of the flag. As KrissPax points out, a successful breakout to the upside would push DOGE price to $0.60. Interestingly, analysts expect this breakout to occur on Friday.
Clear bull flag pattern on Dogecoin chart – target $0.60. Can we see the beginning of the next one? $DOGE Friday’s breakout? Meanwhile, Dogecoin is still trading in the mid-range of 38 cents. pic.twitter.com/kR6WSxMQI5
— KrissPax (@krisspax) November 22, 2024
Market expectations for DOGE’s next move
As of this writing, Dogecoin is trading at $0.393. one Heading towards the $0.6 mark This means that the price will increase by approximately 53% from the current price. Furthermore, reaching the $0.6 price target would put Dogecoin price at a new 2024 and three-year high, but still about 22% higher than the current all-time high of $0.7326.
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KrissPax’s $0.6 price target is in line with the bullish outlook for DOGE prices seen by many cryptocurrency analysts and traders. Other analysts have observed similar patterns, supporting this bullish outlook. For example, a copy from Bitcoinists point out Dogecoin price could rise to an all-time high of $0.73, paving the way for a surge to the much-anticipated $1 level. Additionally, other analysts predict DOGE price Possibly up to $2 At the current price growth rate, by the end of this year.
The optimistic outlook for Dogecoin has caused prices to drop across various parts of the Dogecoin ecosystem. On-chain data shows Dogecoin whales Taking advantage of falling prices Increase their holdings. In particular, Dogecoin whale addresses hold between 10 million and 100 million DOGE tokens Already bought Over the past week, there were over 550 million DOGE worth approximately $214.5 million.
Featured image created using Dall.E, chart from Tradingview.com
