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The crypto market saw one of its most positive weeks in the last seven days, and Dogecoin was one of the major beneficiaries of this momentum shift. According to a popular crypto pundit, the meme coin appears not to be done yet, as it readies itself for another move to the upside. Here’s Why $0.169 Could Be Pivotal To DOGE’s Future
In a new post on X, prominent crypto analyst Ali Martinez has put forward an exciting outlook for the price of Dogecoin over the next couple of days. According to the market expert, the largest meme coin looks primed to cross the $0.2 landmark as the month of November drags on.
This bullish projection is based on the formation of a bull flag pattern on the Dogecoin four-hour chart. The bull flag is a technical analysis pattern characterized by a period of steady upward movement (the flagpole) followed by a short period of price consolidation or slight downward movement (the flag). Related Reading Bitcoin Price Correction Triggers $296 Million In Liquidations – Can BTC Still Hit ATH? 20 hours ago
Typically, the bull flag is an excellent upward continuation pattern that could suggest the persistence of a positive run. The trick is to wait for the breakout of the flag (the price consolidation) before confirming the continuation of the upward trend. This breakout from the flag often results in a move higher, usually measuring the length of the prior flag pole. Source: Ali_charts/X
According to Martinez, this pattern appears to be playing out on the Dogecoin four-hour chart, with the trigger point lying around the $0.169 mark. The analyst noted that there is a major resistance around $0.168 and a successful close above this region could see the DOGE price run up towards its 2024 high.
Using the length of the first flagpole, the price target for Dogecoin is placed at around $0.209, which would represent a 29% rally from the current price point. While a move to $0.209 would reflect a major leap in the meme coin’s price trajectory, DOGE would still be about 250% adrift of its all-time high price of $0.7316. Dogecoin Price At A Glance
As of this writing, the price of Dogecoin stands at around $0.1603, reflecting a mere 1.1% in the past day. While the meme coin seems to have slowed down in the last 24 hours, its weekly performance still places it amongst the best-performing assets in recent weeks. According to data from CoinGecko, the DOGE price is up by nearly 20% in the last seven days. Related Reading Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? 1 day ago The price of Dogecoin suffers steep correction on the daily timeframe | Source: DOGEUSDT chart on TradingView Featured image from iStock, chart from TradingView