Dogecoin Price Breaks Daily Candle With A Breakout Of The Bullish Pennant, Why A 200% Rally Is Possible

Dogecoin price has Saw an upward movement Over the past 24 hours, it has been on a steady rise from the November 26 low of $0.369. With Dogecoin price recently trading at an intraday high of $0.4577, this translates to a 24% increase in seven days.

Notably, this rally saw the price of Dogecoin breaking out to the upside to form a price pattern, indicating that there is another big rally ahead. Interestingly, technical analysis suggests that Dogecoin price is on track to rise again by 200% from here.

Dogecoin price daily candle closes with a breakout

The Dogecoin daily candle closed with a break above the key resistance level, opening it up for another 200% rally from here. In particular, this resistance breakout occurred as a push above the bullish flag formation on the Dogecoin price chart, which has been in place since the beginning of November.

This chart pattern was highlighted on social media platform X by cryptocurrency analyst Trader Tardigrade, known for his technical insights. According to him, the Dogecoin daily candle close represents a final breakout of the bullish pennant pattern formed over the past month. This pattern is characterized by a period of consolidation after a strong upward movement, often preceding another rise in the asset’s price.

#Dogecoin The daily candle closes with a breakout candle from the bullish flag 🔥$doji It was finally pushed above the resistance level to break the pattern and start the next rise to the $1.3 target 🚀 https://t.co/ePF5JXL5WZ pic.twitter.com/TQnSz9jaRm

— Slow Growth Trader (@TATrader_Alan) December 2, 2024

As for Dogecoin price, this upward movement started from the beginning of November at around $0.143 until it reached above $0.43. This comes to a 200% rise in less than two weeks. Since then, the price of Dogecoin has yet to see a strong rise, although there have been some upward moves It has also been supplemented with corrections. Collectively, these fluctuations have formed a bullish flag, putting Dogecoin price on the next potential breakout move.

Why is it possible for the stock price to rise by 200% from here?

A breakout from the bullish flag has made this more likely Dogecoin reaches new heights. With the hack confirmed, Dogecoin price could see another 200% surge in early December, just like it did in early November. Expectations are that this could lead to Dogecoin price breaking above its all-time high of $0.7316 and thus the $1 level.

According to Trader Tardigrade, the target price to watch is $1.3, which is exactly 200% of the bullish flag breakout level. However, achieving this level will require significant upward momentum from Dogecoin bulls, with key resistance areas having to be cleared along the way. The first major resistance area is located at $0.457. Furthermore, the next big challenge will be a major breakout above the current 2024 high of $0.476.

At the time of writing, Dogecoin price is trading at $0.439 and has risen by 2.77% in the past 24 hours.

Featured image created with Dall.E, chart from Tradingview.com