Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means

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As a seasoned researcher with years of experience in the crypto market, I find the current bullish outlook for Dogecoin (DOGE) intriguing. The bullish pennant pattern suggested by Trader Tardigrade is a technical indicator that has often proven to be accurate in predicting price movements. If we consider this pattern and the analyst’s prediction of an easy target at $0.18, it seems plausible that DOGE could indeed reach these heights before the month ends.

crypto expert Trader Tardigrade has pointed out a potentially optimistic trend on the Dogecoin price graph to the community. Accordingly, the analyst offered predictions about how much the Dogecoin price might increase in the near future.

Dogecoin Price Flashes Bullish Pennant

Trader Tardigrade revealed in an X post that the Dogecoin price has reached the tip of a bullish pennant on the daily Heikin Ashi chart. With this occurrence, the analyst claimed a breakout was just around the corner. He added that an “easy target” measured from the pennant pole is $0.18. 

According to the chart provided by the analyst, it’s possible that the price of Dogecoin could hit its target before the end of the month. So far this month, Dogecoin has experienced a significant surge, as evidenced by CryptoRank data showing that it has climbed more than 22%. This impressive growth in October is only surpassed by the coin’s price increases in February and March this year.

Conversely, if Dogecoin’s price rises to $0.18 this month, it would match the price increases seen in October that were also observed in February. In those months, DOGE experienced a monthly return of 50%. Notably, in March, the Dogecoin price surged by 87% and reached a yearly high of $0.22.

According to crypto analyst Dima James, the upward trend in Dogecoin’s price this month is likely to persist through the end of the year and possibly extend into 2025. Remarkably, he forecasted that DOGE could potentially reach up to $10 by next year, even surpassing this value at some point. This prediction is derived from the bull pattern observed in 2021, which James believes Dogecoin is repeating once more.

Currently, Trader Tardigrade pointed out that the Dogecoin price appears to have followed a ‘Reversal box’ pattern similar to its behavior during the 2021 bull market. Based on this observed trend, an analyst has projected that Dogecoin could potentially hit $3.7 by next year.

The Run To A New All-Time High Of $3

Crypto analyst KrissPax has provided insights into how the Dogecoin price could run to this new all-time high (ATH) of $3. Using the law of diminishing returns, the analyst mentioned that he sees a resistance at $0.22, which, if DOGE breaks above, would send its price to $0.35, another resistance level. 

KrissPax asserted that if Dogecoin manages to surge past its current resistance level, it could reach its all-time high (ATH) of $0.73. If this happens, he further projects that the popular meme coin might attain a new ATH near $3 by 2025. However, for now, Dogecoin must first surpass the hurdle at $0.14. A successful breach above this level could potentially trigger a rally towards $0.20.

Currently, as I’m typing this, Dogecoin’s value stands approximately at $0.138. Over the past 24 hours, it has decreased, based on information obtained from CoinMarketCap.

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2024-10-25 23:46