As a seasoned analyst with over two decades of market experience under my belt, I find myself intrigued by the current Dogecoin price action. The bullish pennant formation and the whale accumulation are strong indicators that the meme coin could be gearing up for another significant pump.
In the last 48 hours, the price of Dogecoin has mainly held steady just under $0.45. However, technical analysis suggests that this stability is actually part of a bullish pattern called a “pennant” that started forming in early November. At present, Dogecoin is in the ‘flag’ phase of this bullish pennant formation, which typically precedes an upward trend.
Based on insights from crypto analyst KrissPax, the current fluctuations in Dogecoin’s price could serve as an excellent foundation for a significant surge in its value in the near future.
Dogecoin’s Sideways Trading Forms The Foundation For Growth
Since hitting $0.47 on November 23, the value of Dogecoin has been moving within a specific price band. A significant support level near $0.37 was established on November 26, preventing any further drops. Crypto analyst KrissPax observed that this period of consolidation is seen as positive rather than negative because it’s holding above the support level.
Speaking about Dogecoin’s future value, KrissPax pointed out that the recent consolidation has resulted in a bullish pennant formation. This pattern is expected to be broken at the upper trendline, potentially pushing the price towards the significant level of $1.3 as his prediction for what could happen after the breakout.
Usually, a bullish pennant emerges following a robust uptrend, followed by a period of consolidation where the price action resembles a triangle-like structure. When this formation breaks out, it often indicates that the previous trend will continue. If the pattern continues as expected, $1.30 could potentially be reached.
At the moment, Dogecoin’s trade is stabilizing at this level, providing an excellent launching pad for the upcoming significant surge in Dogecoin price. This bullish pattern suggests a strong upward movement towards approximately $1.30!
Chart: Trader Tardigrade
— KrissPax (@krisspax) December 3, 2024
What Could Drive The Dogecoin Price To $1.3?
Currently, Dogecoin is being traded at $0.419 based on data from CoinMarketCap, showing a significant jump of approximately 178% over the last month. If Dogecoin maintains this upward trend and manages to break through towards the predicted target of $1.30, it would signify an additional increase of 210%, surpassing its previous all-time high of $0.7316.
However, the path to $1.30 depends on other market factors that extend beyond the bullish pennant pattern currently forming in Dogecoin’s price chart. Nonetheless, current market factors suggest that the meme coin’s price is still in a good position to keep growing. A key contributor to this outlook is the recent surge in activity on the Dogecoin blockchain, particularly among large holders.
Based on information from blockchain analytics provider Santiment, there has been a noticeable buildup of large investors (whales) in the past few days. Specifically, these whales have purchased an extra 160 million Dogecoin tokens within a span of 48 hours, as per Santiment’s data. This rise in buying interest might contribute to maintaining Dogecoin’s price surge and potentially enable it to break through its previous peak levels.
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2024-12-04 23:46