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The Dogecoin price has recently exhibited a classic bull flag pattern on its price chart, a technical indicator often signaling continued upward momentum. The Dogecoin price has mostly traded below $0.4in the past seven days on the back of a continued price consolidation. At the time of writing, Dogecoin is trading at $0.39, sitting firmly within the consolidation phase of this bull flag pattern. KrissPax Identifies Key Target For Dogecoin Price
This development of a bull flag pattern was highlighted on the social media platform X by crypto analyst KrissPax, which relays to the current bullish sentiment surrounding the DOGE price. Particularly, this bull flag pattern was highlighted on the 2-hour candlestick chart of the Dogecoin price. Related Reading Crypto Analyst Predicts 37% Upshoot For Dogecoin Price, Points Out Support Levels 2 days ago
A 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 formation suggests that, upon breaking above the upper trendline of the flag, the asset may resume its prior uptrend.
In the case of the DOGE price, the flag pole 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 breakout to the upside would push the DOGE price toward $0.60. Interestingly, the analyst expects this breakout to happen by Friday. Clean bull flag on the Dogecoin chart – target $0.60. Could we see the start of the next $DOGE breakout on Friday? Meanwhile, Dogecoin 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 Move
At the time of writing, Dogecoin is trading at $0.393. A move towards the $0.6 markwould translate to a price increase of about 53% from the current price. Furthermore, reaching the $0.6 price target would put the Dogecoin price at a new 2024 high and a three-year high, but still about 22% from its current all-time high of $0.7326. Related Reading Bitcoin Price ATH Set To Cross $139,000 According To Previous Election Cycles 1 day ago
KrissPax’s $0.6 price target plays into a bullish outlook of the DOGE price among many crypto analysts and traders. Supporting this bullish outlook, other analysts have observed similar patterns. For instance, a report from Bitcoinist notedthat the Dogecoin price could rally to its all-time high of $0.73, paving the way for a surge to the much-anticipated $1 level. Furthermore, other analysts have predicted that the DOGE price could reach $2by the end of the year at the current pace of price growth.
This bullish outlook for the Dogecoin price cuts across every part of the Dogecoin ecosystem. On-chain data has shown that Dogecoin whales are taking advantage of the price declineto load up on their holdings. Particularly, Dogecoin whale addresses holding 10 million to 100 million DOGE tokens have boughtmore than 550 million DOGE over the past week, worth around $214.5 million. DOGE price holds $0.4 support | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com