The latest Dogecoin rally has positioned the meme coin among the top gainers, with analysts highlighting further upside amid a bull flag formation.
Trader Tardigrade, a market expert, recently shared a analysis designating $0.90 as Dogecoin’s next target, citing the formation of a second bullish pennant pattern on the 2-hour price chart.
The first Dogecoin Bull pennant
The first bullish pennant was formed between November 5 and 7. This trend began with an initial rise from $0.1677 to $0.2187, coinciding with market optimism following a significant geopolitical event.t—the wins Donald Trump in the American elections. This gathering created the flagpole for the first pennant.
Shortly after hitting the high of $0.2187, Dogecoin faced a pullback, dropping to $0.1857 as profit-taking ensued. However, the asset entered a consolidation phase, during which prices stabilized in an increasingly narrow range, forming the leading part of the trend.
When Dogecoin broke above this pennant’s upper resistance on November 7, the move sparked a massive rally. Over the next five days, the the price has gone up to a three-year high of $0.4389 on November 12, a staggering 139% increase from the November 7 low of $0.1857.
Dogecoin forms the second bullish pennant
After the rally to $0.4389, Dogecoin fell and entered another consolidation phase. The latest price action reflects the first bullish pennant structure, with the recent rise forming a second flagpole. This rise, which pushed DOGE from $0.3 to $0.4389, paved the way for the ongoing consolidation.
Currently, Dogecoin price is trading in a tightening range, indicating that the flag portion of the second pennant is almost over. Market observers often interpret patterns such as continuation signalswhere the breakout direction aligns with the previous uptrend.
Trader Tardigrade predicts that this second pennant will soon lead to another breakout. If the formation goes as planned, Dogecoin price could potentially skyrocket to $0.9. This projected move represents a 139% gain from its current level, similar to the magnitude of the first pennant breakout.
At press time, Dogecoin currently changes hands at $0.3752. One factor that could support the potential push towards the $0.9 level is the resumption of whale accumulation. The basis of cryptography confirmed yesterday that DOGE whales recently purchased 160 million tokens in 24 hours.
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