The price of Dogecoin has underwent bullish action over the past 24 hours, following a continued rally from the November 26 low of $0.369. With Dogecoin price recently trading at an intraday high of $0.4577, this translates to a 24% increase in seven days.
Notably, this rally saw Dogecoin price break a price pattern formation upward, suggesting that another major rally is ahead. Interestingly, technical analysis suggests that Dogecoin price is on track to see another 200% rally from here.
Dogecoin price daily candle ends with breakout
Dogecoin’s daily candle closed with a breakout above a key resistance level, opening it up for a further 200% price rally from here. Notably, this breakout of resistance occurred as a push above a bullish pennant formation on the Dogecoin price chart, which has been in play since early November.
This chart pattern was highlighted on social media platform X by crypto analyst Trader Tardigrade, known for his technical knowledge. According to him, the daily close of Dogecoin’s candle marks a definitive break from the bullish pennant pattern that has formed over the past month. This trend, characterized by a period of consolidation following a strong upward movement, often precedes a new increase in the price of the asset.
#Dogecoin the daily candle ends with a BREAKOUT candle of the bullish pennant 🔥$Doge is finally pushed above resistance to break the trend and begins the next push towards the $1.3 target 🚀 https://t.co/ePF5JXL5WZ pic.twitter.com/TQnSz9jaRm
– Tardigrade Trader (@TATrader_Alan) December 2, 2024
In the case of Dogecoin price, this upward movement started in early November around $0.143 until reaching over $0.43. This represents a 200% rally in less than two weeks. Since then, the price of Dogecoin has yet to see a strong rise, despite some upward movements that have taken place. was also supplemented by corrections. These fluctuations have collectively shaped the bullish pennant, positioning Dogecoin price for its next potential breakout move.
Why a 200% rally is possible from here
The breakout of the bullish pennant raised the possibility of Dogecoin hits new highs. Once the breakout is confirmed, the price of Dogecoin could see another 200% rise in early December, much like it did in early November. Projections indicate that this could see Dogecoin price surpass its current all-time high of $0.7316 and then the $1 level.
According to Trader Tardigrade, the price target to watch is $1.3, which is exactly 200% of the bull pennant breakout level. However, reaching this level will require significant bullish momentum from Dogecoin bulls, with key resistance zones expected to be cleared along the way. The first of these key resistance areas lies at $0.457. Beyond that, the next significant challenge will be a significant breakout above the current 2024 high of $0.476.
At the time of writing, Dogecoin price is trading at $0.439 and is up 2.77% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com