Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30
Dogecoin’s price action over the past 48 hours was highlighted by consolidation below the $0.45 price level. Interestingly, technical analysis suggests that this consolidation is part of a bullish pennant that has formed since early November. In particular, Dogecoin is currently in the flag phase of a bullish pennant pattern, which is known to be a consolidation phase before the next leg higher.
According to Crypto analyst KrissPax, Dogecoin’s price action is creating “a great springboard for the next big Dogecoin pump.”
Dogecoin’s sideways trade sets the stage for growth
Dogecoin price has been trading in a range since hitting the $0.47 mark on November 23. Key support around $0.37 highlighted this range, preventing further losses on November 26. Cryptocurrency analyst KrissPax noted that this consolidation has remained above support levels, which he interpreted as constructive rather than negative.
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In terms of the Dogecoin price outlook, KrissPax highlights that consolidation has resulted in the formation of a bullish pennant that will be broken at the upper trendline. Regarding the price prediction, he highlighted the $1.3 level as the main target after the breakout.
Bullish pennants typically form after a strong upward rally, followed by consolidation, with price action resembling a triangle. A breakout of this pattern usually signals a continuation of the previous trend, Makes $1.30 a reasonable target If the pattern holds.
Dogecoin’s sideways trading is currently holding support and provides a great springboard for Dogecoin’s next big rally. This bullish pennant targets a sharp move up to $1.30!
Chart: Tardigrade Trader pic.twitter.com/cho062TLNU
— KrissPax (@krisspax) December 3, 2024
What’s driving Dogecoin price to $1.3?
As of this writing, Dogecoin is trading at $0.419, having surged an impressive 178% in the past 30 days, according to CoinMarketCap. If Dogecoin is able to sustain its upward trajectory and achieve a breakout towards the $1.30 target, it would represent an additional 210% upside from current prices and a decisive break above the all-time high of $0.7316.
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However, The road to $1.30 Depends on other market factors outside of the bullish pennant pattern currently forming on the Dogecoin price chart. Nonetheless, current market factors suggest that memecoin prices are still well-positioned to continue growing. A key factor contributing to this outlook is the recent surge in activity on the Dogecoin blockchain, especially among large holders.
According to data from blockchain analytics firm Santiment, the number of whales has increased significantly in the past few days. According to Santiment data, Dogecoin whales jointly gained additional 160 million USD in DOGE tokens in just 48 hours. Increased demand could help sustain Dogecoin’s price gains and support its Strive to break through the previous high.
Featured image created using Dall.E, chart from Tradingview.com
