The cost of Dogecoin appears to be increasing after a significant jump out from a bullish pennant formation, as pointed out by cryptocurrency expert World of Charts. This breakout could potentially propel the value of Dogecoin over the $1 threshold.
Bullish Pennant Breakout Sets The Stage For Strong Upward Price Action
Over the past six weeks, Dogecoin’s price trend has displayed a bumpy pattern and a build-up below the $0.5 mark. This bumpy trend, which initially maintained itself above $0.4, subsequently failed to sustain its rise above this point, resulting in fluctuations between approximately $0.3 and $0.4.
As a crypto investor, I’ve been keeping a close eye on Dogecoin’s price chart, and I find it noteworthy how the recent consolidation has led to an intriguing pattern. This pattern is characterized by lower peaks and higher troughs, which resembles a bullish pennant when viewed on the 8-hour candlestick timeframe. A bullish pennant is typically a sign of a robust upward price surge after a period of consolidation.
Based on my analysis as a researcher, I’ve noticed that Dogecoin appears to have breached the upper trendline of its bullish pennant, according to the technical insights shared by World Of Charts on social media platform X. This breakout follows a surge in inflows into the crypto market, which has propelled Dogecoin back up from the lower trendline of the same bullish pattern.
This action propelled a move towards the top boundary, allowing for a breach of the upper boundary, re-evaluation at this upper boundary, and a subsequent bounce-back to solidify the breakthrough. As observed by the analyst, this breakout confirmation opens up possibilities for Dogecoin to undergo another strong bullish surge.
Can Dogecoin Price Finally Break $1?
Based on the optimistic structure of the bullish pennant pattern, the next logical progression following an upward breakout is likely a substantial price increase. This potential surge might just provide the long-awaited push for Dogecoin to potentially reach the $1 value.
According to World of Charts predictions, we might witness another bullish surge in Dogecoin, potentially reaching its current record high of approximately $0.73 within the next few days, as suggested by the analyst.
Given such a swift, powerful surge toward its record high, it’s likely that this trend will continue upward as long as optimism stays high and selling due to profit-taking is minimal. This prolonged rise might eventually push Dogecoin beyond the $1 mark, a target long pursued by its community of meme coins.
To get to $1, you first need to recover $0.4 and another $0.5. Currently, Dogecoin is priced at approximately $0.3877 and has risen by 3% in the last day. It’s also worth noting that Dogecoin has seen a significant increase of 17% over the past week, as investors hope to push its value back above the $0.4 mark.
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2025-01-18 04:11