Dogecoin price has has undergone bullish action over the last 24 hours, continuing to rise from the November 26 low of $0.369. Considering that Dogecoin’s price recently hit an intraday high of $0.4577, this represents an raise of 24% in seven days.
It is worth noting that this raise has caused Dogecoin to break upwards in the price pattern, suggesting that another substantial rally is coming. Interestingly, technical analysis suggests that Dogecoin’s price is on track to raise another 200% from here.
Dogecoin’s daily price candle closes with a breakout
Dogecoin’s daily candle ended with a break above a key resistance level, opening it up to another price surge of 200% from here. Specifically, this resistance break occurred as a result of a push above the bullish pennant formation on the Dogecoin price chart that has been in place since early November.
This chart pattern was highlighted on social media platform X by cryptocurrency analyst Trader Tardigrade, who is known for his technical insights. According to him, the daily close of Dogecoin’s candle marks a final breakout from the bullish pennant pattern that has been forming over the past month. This pattern, characterized by a period of consolidation after a sturdy upward move, often precedes another raise in the asset’s price.
#Dogecoin The daily candle is closed by the breakOUT candle of the bullish pennant 🔥$Doga is finally pushed above resistance to break the pattern and begins another rally to the target level of $1.3 🚀 https://t.co/ePF5JXL5WZ pic.twitter.com/TQnSz9jaRm
— Trader Tardigrades (@TATrader_Alan) December 2, 2024
In the case of Dogecoin price, the upward movement started from the beginning of November around USD 0.143 until it reached above USD 0.43. This means an raise of 200% in less than two weeks. Since then, Dogecoin’s price has yet to experience a sturdy rally, although there have been a few upward moves also supplemented with corrections. These swings have collectively formed a bullish pennant, positioning Dogecoin’s price for another potential breakout move.
Why 200% growth is possible from here
A breakout from the bullish pennant increased the possibility Dogecoin reaches up-to-date heights. Once the breakout is confirmed, Dogecoin’s price may raise by 200% again in early December, just like it did in early November. Projections indicate that this could result in Dogecoin price breaking above the current all-time high of $0.7316 and then the $1 level.
According to Trader Tardigrade, the price target to watch is $1.3, which is exactly 200% of the bullish pennant breakout level. Reaching this level, however, will require significant bullish momentum from Dogecoin bulls, with key resistance zones needing to be cleared along the way. The first of these key resistance zones lies at $0.457. Beyond that, the next significant challenge will be to significantly break the current 2024 high of $0.476.
At the time of writing, Dogecoin is trading at $0.439 and has increased by 2.77% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
