Recent Dogecoin price movements have seen the meme cryptocurrency break to the upside of a bull flag pattern. This bull flag pattern took shape during a consolidation that began after Dogecoin price hit a new yearly high on November 12.
Interestingly, Dogecoin price development this weekend saw an upward breakout of the bull flag to peak at $0.4759 and then an immediate retest. Technical analysis of Dogecoin price suggests that this breakout/retest move could lead to a breakout to $1.2 in the next 10-15 days.
Technical Training Indicates Dogecoin Price to Reach $1.2 in 10-15 Days
Many crypto participants are watch the price of Dogecoin to see how things evolve in the coming days. According to a technical analysis by According to a crypto analyst called CryptoManiac101 on the TradingView platform, the current price trend indicates a price target of $1.2 in the next 10 to 15 days.
CryptoManiac101 noted that the price of Dogecoin had burst from the bullish pennant, but is currently retesting the breakout level, which is a critical area to watch for further price movements. The analyst highlighted the importance of this new test, calling it a “key area to watch” given its potential to validate or invalidate the model.
Statistical analysis of bull pennants reveals a 70% probability that prices will hold after a breakout. However, CryptoManiac101 suggested that this probability could be even higher in the current market environment, as there is a prevailing view of what many describe as an altcoin bull market. With this in mind, it is more likely that Dogecoin will see strong price increases soon.
The next steps for Dogecoin price are a confirmation of the retest and a “sharp continuation” of the rally. The price targets are set between $0.74 and $1.20, which could be achieved within the mentioned time frame of 10 to 15 days. However, the analyst warned of the importance of holding above the $0.39 level, as a drop below this threshold could invalidate the bull pennant and lead to a bearish reversal.
What’s next for DOGE price?
At the time of writing, Dogecoin price is trading at $0.4252, down 2.35% in the last 24 hours. Therefore, hitting the price targets of $0.74 and $1.2 would result in a price increase of 74% and 182%, respectively, from the current price.
Although achieving either of these goals would see the price of Dogecoin surpassing its current all-time high of $0.7316, CryptoManiac101 noted that these are only short-term price targets. Other analysts have predicted much more bullish Dogecoin price targets in the long term. For example, a crypto analyst noted that the Dogecoin price is on track to reach $3 by January 2025.
Featured image created with Dall.E, chart from Tradingview.com