Dogecoin’s recent price movements have seen the meme cryptocurrency break higher in a bull flag pattern. This bull flag pattern formed during the consolidation that began after Dogecoin’s price hit a fresh yearly high on November 12.
Interestingly, Dogecoin price action over the weekend observed an upward break of the bull flag, reaching a high of $0.4759, followed by an immediate retest. Dogecoin price technical analysis suggests that this breakout/retest move could lead to a breakout to $1.2 in the next 10 to 15 days.
Technical formation says Dogecoin price will reach $1.2 within 10-15 days
Many cryptocurrency participants do watching the price of Dogecoin to see what it will look like in the next few days. According to A technical analysis according to cryptocurrency analyst named CryptoManiac101 on TradingView, the current price pattern indicates a price target of $1.2 in the next 10 to 15 days.
CryptoManiac101 noticed that the price of Dogecoin has dropped broken bullish pennant, but is currently retesting the breakout level, which is a critical area to watch for further price movement. The analyst stressed the importance of this retest, calling it a “key area to watch” given its potential to confirm or invalidate the pattern.
Statistical analysis of bull pennants indicates a 70% probability of price continuation after a breakout. However, CryptoManiac101 suggested that this probability may be even higher in current market conditions as there is a belief in what many are calling an altcoin bull market. With this in mind, there is a greater possibility that Dogecoin will see keen upward price movements soon.
The next milestones of Dogecoin’s price include confirmation of the retest and “rapid continuation” of increases. Price targets have been set at $0.74-$1.20 and can be achieved within the mentioned 10-15 day time frame. However, the analyst cautioned the importance of staying above the $0.39 level, as a drop below that threshold could invalidate the bull pennant and lead to a reversal of the bearish trend.
What’s next for DOGE’s price?
At the time of writing, Dogecoin is trading at $0.4252, down 2.35% in the last 24 hours. Therefore, achieving the target prices of USD 0.74 and USD 1.2 would translate into price increases of 74% and 182%, respectively, over the current price.
Although achieving any of these goals would result in a change in the price of Dogecoin breaking above the current all-time record of $0.7316, CryptoManiac101 noted that these are only short-term price targets. Other analysts have predicted much more bullish price targets for Dogecoin in the longer term. For example, one cryptocurrency analyst he noticed that Dogecoin price is on track to reach $3 by January 2025.
Featured image created with Dall.E, chart from Tradingview.com
