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Dogecoin price recently showed a classic bull flag pattern on the price chart, which is a technical indicator that often indicates continued bullish momentum. Dogecoin price It traded mostly below $0.4 In the past seven days, against the backdrop of continued price consolidation. At the time of writing, Dogecoin is trading at $0.39 and is firmly within the consolidation phase of this bull flag pattern.
KrissPax sets main Dogecoin price target
This development of a bull flag pattern was highlighted on social media platform X by cryptocurrency analyst KrissPax, which conveys the current bullish sentiment surrounding the DOGE price. In particular, this bull flag pattern is highlighted on the 2-hour candlestick chart of Dogecoin price.
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A bullish flag pattern is characterized by a sharp increase in prices (the flagpole) followed by a period of consolidation in a downward sloping channel (the flag). This formation indicates that upon a breakout above the flag’s upper trend line, the asset may resume its previous uptrend.
In the case of DOGE price, the flag bar was created by the rise in Dogecoin prices from November 8 until it peaked at $0.446. Since then, the merger has led to the creation of the flag. As KrissPax pointed out, a successful break higher would push DOGE price towards $0.60. Interestingly, the analyst expects this breakout to occur by Friday.
Clear bullish sign on Dogecoin chart – target $0.60. You could see the beginning of the next one $dawg Breakout on Friday? Meanwhile, Dogecoin is still trading mid-flag at 38 cents. pic.twitter.com/kR6WSxMQI5
-Chris Bax (@ChrisBax) November 22, 2024
Market expectations for DOGE’s next move
At the time of writing, Dogecoin is trading at $0.393. A Moving towards the $0.6 mark It will translate into a price increase of about 53% over the current price. Furthermore, hitting the $0.6 price target would put Dogecoin’s price at a new 2024 high and a three-year high, but still around 22% off its all-time high of $0.7326.
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KrissPax’s price target of $0.6 plays a role in the bullish outlook for DOGE price among many cryptocurrency analysts and traders. In support of this bullish outlook, other analysts have observed similar patterns. For example, report from Bitcoinist noted The price of Dogecoin could rise to an all-time high of $0.73, paving the way for a rise to the long-awaited $1 level. Moreover, other analysts expected the price of DOGE to be higher It can be up to $2 By the end of the year at the current pace of price growth.
This bullish outlook for Dogecoin price cuts off every part of the Dogecoin ecosystem. On-chain data showed that Dogecoin whales They benefit from lower prices To upload their property. In particular, Dogecoin whale addresses contain between 10 million and 100 million DOGE tokens. I have purchased More than 550 million DOGE over the past week worth about $214.5 million.
Featured image created with Dall.E, chart from Tradingview.com
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