Another DOGE rally could be imminent after Dogecoin price showed an uptrend on the hourly chart. This raised the possibility that it could reach the psychological $1 price level soon enough.
Dogecoin price flashes bull flag on hourly chart
In an article by TradingView, crypto analyst Skidad revealed that Dogecoin price has shown a bullish flag on the hourly chart. The analyst also revealed that the Fibonacci fan is moving closer to the support zone. Based on this, Skidad remarked that there could be a possibility DOGE Escape on the rise.
This bull flag presents a bullish outlook for Dogecoin price, which is currently consolidating after its parabolic rally of over 100% over the past seven days. The uptrend indicates that the uptrend will continue soon enough once the top meme coin finishes consolidating for the next bullish leg.
The analyst’s chart showed that Dogecoin price could reach its current all-time high (ATH) at $0.73 during this next rally. This could pave the way for a further rally towards the much-anticipated $1 price level. Crypto analyst Master Kenobi, who correctly predicted the start of the Dogecoin bull runrecently predicted that DOGE could reach this price level by December 2.
Crypto analyst Dj Anas also recently revealed that Dogecoin price is about to enter price discovery and predicted that the top meme coin will hit $1 by the end of the year. The analyst made this prediction based on Fibonacci levels, which he believes support such bullish momentum for DOGE.
In a post Kevin Capital noted that a Dogecoin price rise to $1 is not far away, considering the meme coin has gained over 300% over the past month.
DOGE could reach $2 by the end of the year
In a recent X article, Kevin predicted that Dogecoin price could reach $2 by December. However, the analyst believed that DOGE must first calm down the indicators and spend a few weeks preparing for the next move. He stressed that all this was based on solid historical evidence.
The analyst revealed that a healthy consolidation period of one to three weeks occurred several times during the Running of the bulls 2021 as Dogecoin price reached its current ATH. With this in mind, he believes that a period of consolidation would be most beneficial for Dogecoin.
The analyst’s first target for the Dogecoin price retracement is the $0.26 to $0.30 range, which he believes is the golden pocket retracement level. This represents a 30-40% correction from the local top, which Kevin says is a perfect size correction in a bull market.
At the time of writing, Dogecoin price is trading at around $0.37, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com