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Dogecoin price recently showed a classic bull flag pattern on the price chart, a technical indicator that often points to continued upward momentum. The Dogecoin Price has largely traded below $0.4 over the past seven days due to ongoing price consolidation. At the time of writing, Dogecoin is trading at $0.39, which is firmly in the consolidation phase of this bull flag pattern.
KrissPax identifies the top target for the Dogecoin price
This development of a bull flag pattern was highlighted on social media platform This bull flag pattern was particularly highlighted on the 2-hour candlestick chart of the Dogecoin price.
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A bull flag pattern is characterized by a sharp rise in price (the flagpole), followed by a period of consolidation in a downward sloping channel (the flag). This formation suggests that when the asset crosses above the flag’s upper trendline, it could resume its previous uptrend.
In the case of the DOGE price, the flagpole was created by the Dogecoin price rally from November 8 until it peaked at $0.446. Since then, a consolidation has led to the creation of a flag. As KrissPax noted, a successful break above would push DOGE price towards $0.60. Interestingly, the analyst expects this breakout to occur on Friday.
Clean bull flag on the Dogecoin chart – target $0.60. Can we see the beginning of the next one? $DOGE outbreak on Friday? Meanwhile, Dogecoin is still trading right in the middle of the flag at 38 cents. pic.twitter.com/kR6WSxMQI5
— KrissPax (@krisspax) November 22, 2024
Market expectations for DOGE’s next step
At the time of writing, Dogecoin is trading at $0.393. A heading towards the $0.6 mark would translate into a price increase of approximately 53% from the current price. Additionally, reaching the $0.6 price target would put the Dogecoin price at a new high in 2024 and a three-year high, but still around 22% off the current all-time high of $0.7326.
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KrissPax’s $0.6 price target plays into the bullish outlook of the DOGE price among many crypto analysts and traders. Supporting this bullish outlook, other analysts have observed similar patterns. For example a report from Bitcoinist noted that the Dogecoin price could rise to an all-time high of $0.73, paving the way for a rise to the long-awaited $1 level. Moreover, other analysts have predicted that the DOGE price will rise could reach $2 by the end of the year at the current rate of price growth.
This bullish outlook for the Dogecoin price affects every part of the Dogecoin ecosystem. Data from the chain has shown that Dogecoin whales take advantage of the price drop to load their belongings. Specifically, Dogecoin whale addresses with 10 million to 100 million DOGE tokens have bought over 550 million DOGE in the past week, worth approximately $214.5 million.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
