Dogecoin Price Chart Flashes Clean Bull Flag At $0.38, Here’s The Next Target

by

As a seasoned crypto investor with a knack for spotting trends and patterns, I find KrissPax’s analysis of Dogecoin’s bull flag pattern intriguing. Over the years, I’ve learned to appreciate the technical indicators that often foreshadow price movements, and this bull flag seems to be no exception.

Currently, the price chart for Dogecoin shows a common bull flag pattern, which typically suggests that the coin’s price will continue to rise. Over the past week, Dogecoin has mostly been traded below $0.4 due to ongoing price consolidation. As I write, Dogecoin is being traded at approximately $0.39, right in the midst of this bull flag pattern’s consolidation phase.

KrissPax Identifies Key Target For Dogecoin Price

KrissPax, a well-known crypto analyst, recently pointed out a bull flag pattern on social media platform X, indicating a positive outlook for the price of DOGE. More specifically, this bull flag pattern was observed in the 2-hour candlestick chart of Dogecoin’s pricing.

A bull flag pattern is formed when there’s a significant price surge (resembling a flagpole) followed by a phase of sideways movement in a diagonal downtrend (the flag). This pattern indicates that if the price breaks above the upper boundary of the flag, it might signal a resumption of the previous upward trend for the asset.

Regarding the Dogecoin price, a rise from November 8th to its peak at $0.446 created what’s known as a “flagpole”. Afterward, a period of consolidation formed what resembles a ‘flag’ on this chart pattern. As KrissPax pointed out, if the price breaks through upwardly, it could potentially push Dogecoin towards $0.60. Remarkably, the analyst predicts this breakout to occur by Friday.

On the Dogecoin graph, there’s a clean ascending bullish flag formation – suggesting a potential target at around $0.60. Could we witness the commencement of the next Dogecoin price surge on Friday? At present, Dogecoin is sitting right in the middle of the flag at approximately 38 cents.

— KrissPax (@krisspax) November 22, 2024

Market Expectations For DOGE’s Next Move

Currently, Dogecoin is valued at approximately $0.393 per coin. If the value were to rise to $0.6, this would represent an increase of around 53% compared to the current price. This new price point would establish a record high for 2024 and also a three-year high. However, even at $0.6, Dogecoin would still be about 22% below its all-time high of $0.7326 that it reached previously.

KrissPax’s proposed price target of $0.6 aligns with a positive perspective on Dogecoin (DOGE) from various crypto experts and market participants. This optimistic view is also backed by similar findings from other analysts. For example, an analysis from Bitcoinist suggests that the DOGE price could climb to its previous peak of $0.73, potentially leading to a rise towards the eagerly awaited $1 mark. Additionally, several analysts foresee the DOGE price reaching as high as $2 by year-end if the current rate of price growth continues.

This bullish outlook for the Dogecoin price cuts across every part of the Dogecoin ecosystem. On-chain data has shown that Dogecoin whales are taking advantage of the price decline to load up on their holdings. Particularly, Dogecoin whale addresses holding 10 million to 100 million DOGE tokens have bought more than 550 million DOGE over the past week, worth around $214.5 million.

Read More

2024-11-23 15:40