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

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As a seasoned researcher with over two decades of experience in the financial markets, I find the recent surge in Dogecoin prices quite intriguing. The 24% increase in seven days, following the breakout above key resistance levels, is reminiscent of the volatile yet exciting world of cryptocurrencies.

In the past 24 hours, the price of Dogecoin has seen a bullish trend, building on its rally that started from a low point on November 26 at $0.369. As of today, the Dogecoin price reached an intraday high of $0.4577, which represents a 24% increase over the past seven days.

Significantly, the current surge in Dogecoin’s value has led it to breach an upward trend in its price pattern, indicating a possible significant increase in value may occur. Moreover, technical analysis indicates that Dogecoin could potentially rise by another 200% from its current price.

Dogecoin Price Daily Candle Closes With A Breakout

The daily graph of Dogecoin shows it surging past a significant barrier, potentially triggering a 200% price surge from this point. Notably, this barrier breach happened after a bullish pennant pattern on the Dogecoin price chart, which has been active since early November.

As a researcher delving into cryptocurrency analysis, I recently came across an intriguing observation on social media platform X, made by well-regarded analyst Trader Tardigrade. He pointed out that Dogecoin’s latest daily candle closure signifies a significant breakout from the bullish pennant pattern which has been shaping up for about a month now. This bullish pennant pattern, typically characterized by a phase of consolidation following a robust upward move, often serves as a precursor to an increase in the asset’s price.

In simpler terms, the day’s Dogecoin price chart shows a “Breakout” candle, indicating that Dogecoin has broken through the resistance of its Bullish Pennant formation. This move suggests the start of an upward trend towards the potential target of $1.3.

— Trader Tardigrade (@TATrader_Alan) December 2, 2024

The surge in Dogecoin’s value began in early November when it was priced at approximately $0.143 and peaked above $0.43, marking a 200% increase within just over two weeks. However, since then, the price of Dogecoin has not experienced a significant rally, although there have been some upticks followed by corrections. These oscillations have formed what is known as a bullish pennant, suggesting that Dogecoin may be gearing up for its next potential surge.

Why A 200% Rally Is Possible From Here

The burst out of the bullish pennant pattern has increased the likelihood of Dogecoin reaching unprecedented values. Now that the breakout is confirmed, there’s a chance for Dogecoin prices to surge by approximately 200% in early December, similar to its early November performance. Predictions suggest this could push the Dogecoin price beyond its current record high of $0.7316 and potentially surpass the $1 mark as well.

As suggested by Trader Tardigrade, it’s important to keep an eye on the price target of $1.3. This figure represents a doubling (200%) from the bullish pennant breakout point. However, reaching this level will necessitate strong bullish momentum from Dogecoin supporters, as they need to overcome several key resistance areas along the way. The first of these hurdles is at $0.457. Moving forward, a substantial surge above the existing 2024 high of $0.476 will pose another major challenge.

Currently, as I’m typing this, the value of Dogecoin stands at approximately $0.439. Over the past day, it has experienced a growth of about 2.77%.

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2024-12-02 12:12