As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the latest developments in Dogecoin (DOGE). The bull flag pattern flashing on the hourly chart and the potential for a breakout to the upside, as suggested by analyst Skidad, is indeed an interesting development.
It seems like another surge for Dogecoin could be coming, given its recent bullish trend visible on the hourly chart. This suggests that the digital currency might reach the significant $1 value point in the near future.
Dogecoin Price Flashes Bull Flag On Hourly Chart
In a recent TradingView post, crypto analyst Skidad pointed out that Dogecoin’s price pattern resembles a bull flag on the hourly chart. Moreover, the Fibonacci fan is getting close to the support level. Skidad suggested that this setup might lead to an anticipated upward breakout for Dogecoin.
This “bull flag” formation suggests a positive future for Dogecoin’s price, which has recently paused its impressive surge of more than 100% over the last week. This bullish pattern indicates that the upward momentum should resume once the leading meme coin finishes consolidating, preparing for another rise.
According to the chart presented by the analyst, there’s a strong possibility that the price of Dogecoin may surge again, potentially reaching its highest point ever at around $0.73 in the upcoming upward trend. This increase could pave the path for another rise towards the eagerly awaited $1 mark. Notably, crypto expert Master Kenobi, who accurately forecasted the beginning of the Dogecoin price surge, recently suggested that Dogecoin might achieve this price level by December 2nd.
Crypto expert Dj Anas has shared his viewpoint that the value of Dogecoin is poised to explore new price territories and could potentially hit $1 by the end of the year. This forecast is rooted in the Fibonacci sequence, which he suggests provides a foundation for such bullish tendencies in DOGE.
In a recent analysis shared on his platform, crypto expert Kevin Capital pointed out that it’s possible for Dogecoin’s price to reach $1 soon, given its impressive 300% increase over the past month.
DOGE Could Hit $2 By Year-End
In his latest post, Kevin forecasted that Dogecoin’s value might surge up to $2 by December. But he added a cautionary note: Dogecoin needs to calm down its indicators initially and should take a few weeks to gather strength before making the next move. He emphasized that this prediction is grounded in robust historical data.
During the 2021 bull market, it was observed that Dogecoin experienced several healthy periods of consolidation, lasting between one and three weeks, before reaching its all-time high (ATH). Given this trend, the analyst suggests that another consolidation phase would be advantageous for Dogecoin.
According to the analyst’s prediction, the price of Dogecoin could see a pullback towards the $0.26 to $0.30 range. This level is considered a typical retracement point, often referred to as the “golden pocket retrace level.” In simpler terms, this represents a potential 30% to 40% decrease from its current peak, which Kevin considers an ideal-sized correction in a thriving bull market.
Currently, as I’m typing, the value of Dogecoin stands approximately at $0.37, marking a decrease of more than 4% in the past day based on information from CoinMarketCap.
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2024-11-16 11:11