Dogecoin price, which He was in the direction of monotheism Since November 12, this has created a rare, bullish chart pattern known as a narrow high flag. This pattern, which resembles a bull flag, is preparing Dogecoin price for a significant upward movement.
Analyst highlights Dogecoin’s narrow bullish flag pattern
Tardigrade Merchant, known as Insightful technical analysesHe noted that Dogecoin price is currently forming a high narrow flag pattern on the daily candlestick time frame, which is a rarity in a technical chart that often precedes explosive price movements. According to his post on social media platform
In his country words: “#Dogecoin is forming a very tight flag pattern 🔥 The “Narrow High Flag Pattern” stands out as a rare but very bullish signal that indicates a high probability of a significant upward price movement.”
Firstly, the emergence of this tight high flag pattern means that the $1 level is inevitable for Dogecoin price. The analyst also predicts that the combination of strong price momentum, growing market enthusiasm, and FOMO (fear of missing out) among retail investors will eventually push Dogecoin price to targets between $5 and $10.
Understanding the high narrow flag pattern
A narrow high flag is a special bullish case of a bullish flag pattern. Both models feature a flagpole and flag/handle. Unlike the bull flag, the formation of the narrow high flag follows strict standards, making it somewhat modified. These standards are characterized by a sharp price increase of at least 100% over a short period of up to a maximum of eight weeks. This rapid rise forms the “flagpole” of the price pattern. In the case of Dogecoin price, the flagpole It was formed over a period of nine days From November 3 to November 12, it recorded gains of about 180%.
After this rise, the price enters a consolidation phase, where it moves sideways or slightly downward, creating a “flag/handle.” This consolidation usually corrects no more than 10% of the initial rise and lasts for a minimum of five days to a maximum of three weeks.
In the case of Dogecoin, science He’s been in play for the past 10 days10% handle depth. The pattern is considered complete when the price breaks above the consolidation range, which often leads to further gains.
At the time of writing, Dogecoin is trading at $0.3926, with a 1.88% gain over the past 24 hours. Going towards the first price target of $1 would translate into a 155% profit. Other target prices of $5 and $10 represent returns of 1,170% and 2,440%, respectively, from the current price.
Featured image created with Dall.E, chart from Tradingview.com
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