Dogecoin Price Forms Bull Flag Pattern with Target of $0.60
The Dogecoin price recently formed a bull flag pattern, indicating potential upward momentum. Over the past week, Dogecoin has mostly traded below $0.4, currently priced at $0.39 within the consolidation phase of this pattern.
KrissPax Identifies Key Target For Dogecoin Price
Crypto analyst KrissPax highlighted the bull flag pattern on social media, reflecting bullish sentiment for DOGE. This pattern appears on the 2-hour candlestick chart and consists of a sharp price increase (the flagpole) followed by consolidation in a downward-sloping channel (the flag). A breakout above the upper trendline may lead to a continuation of the uptrend.
The flagpole was formed by a rally from November 8, peaking at $0.446. Following this, consolidation created the flag. KrissPax predicts that if a breakout occurs, it could push DOGE towards $0.60, potentially happening 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
Currently, Dogecoin is trading at $0.393. A move to $0.6 would represent a 53% increase from its current price. Achieving this target would mark a new 2024 high and a three-year high, though it remains about 22% below the all-time high of $0.7326.
KrissPax's target aligns with a generally bullish outlook for DOGE among analysts and traders. Reports indicate the possibility of reaching the all-time high of $0.73 and even $1. Additionally, some analysts project that DOGE could reach $2 by year-end, given the current growth pace.
This optimism extends throughout the Dogecoin ecosystem. On-chain data reveals that Dogecoin whales are capitalizing on the recent price decline, with addresses holding 10 million to 100 million DOGE acquiring over 550 million DOGE, valued at approximately $214.5 million, in the past week.
