Dogecoin’s recent price action has seen the cryptocurrency break to the upside of a bull flag pattern. This bull flag pattern crystallized during the consolidation that began after the price of Dogecoin reached a new yearly high on November 12.
Interestingly, Dogecoin Price action over the weekend It saw a bullish breakout of the bull flag to peak at $0.4759 and then an immediate retest. Dogecoin price technical analysis indicates that this breakout/retest move could lead to a breakout to $1.2 within the next 10 to 15 days.
Technical formation says that Dogecoin price will reach $1.2 in 10-15 days
Many involved in crypto are like that Watch the price of Dogecoin Let’s see how things go in the next few days. According to A Technical analysis by According to a cryptocurrency analyst named CryptoManiac101 on the TradingView platform, the current price pattern indicates a target price of $1.2 for the next 10 to 15 days.
CryptoManiac101 noted that the price of Dogecoin has risen Broke from The flag is bullish but is currently retesting the breakout level, which is an important area to watch for further price action. The analyst stressed the importance of this retesting, calling it “a key area to look into,” given its potential to validate or invalidate the model.
Statistical analysis of bullish logos reveals a 70% probability of price continuation after a breakout. However, CryptoManiac101 suggested that this possibility may be higher in the current market environment, where there is a prevailing notion of what many are describing as a bull market for altcoins. With this in mind, there is a greater possibility that Dogecoin will soon see sharp price movements to the upside.
The next milestones for Dogecoin price are retest confirmation and a “sudden continuation” of the rally. Target prices are set between $0.74 and $1.20, which can be achieved within the mentioned time frame of 10 to 15 days. However, the analyst warned of the importance of holding above the $0.39 level, as a decline below this limit could invalidate the bullish flag and lead to a bearish reversal.
What’s next for DOGE price?
At the time of writing, Dogecoin price is trading at $0.4252, down 2.35% over the past 24 hours. Therefore, reaching the target price of $0.74 and $1.2 would result in a price increase of 74% and 182% respectively from the current price.
Although reaching any of these goals will cause the price of Dogecoin to rise Breaking its all-time high $0.7316 CryptoManiac101 notes that these are just short-term price targets only. Other analysts predicted more bullish price targets for Dogecoin in the long term. For example, a cryptocurrency analyst He pointed out that Dogecoin price is on track to reach $3 by January 2025.
Featured image created with Dall.E, chart from Tradingview.com
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