Dogecoin price has entered another stage of upward momentum which again stimulated the inflow of investors. It is worth noting that the price of DOGE has increased by approximately 16.3% in the last 24 hours. The edged enhance highlighted the possibility of the DOGE price reaching a novel record high this year.
Interestingly, a cryptocurrency analyst on social media platform X pointed out a bullish fractal that could cause Dogecoin’s price to rise parabolic.
Dogecoin’s fractal points to a novel ATH
Kenobi’s master shared his analysis Dogecoin price action on X. In his post, Kenobi outlined a fractal setup, suggesting that DOGE is on the verge of a significant breakout. Kenobi attributed the rise of fractals to consolidation that began when DOGE’s price reached $0.43
AND bullish fractal is a pattern suggesting an upward price reversal. This pattern, which appears during price consolidation, is characterized by a central bar with a low low, flanked by higher lows on either side.
Kenobi’s analysis was accompanied by a DOGE chart showing a four-hour candle time frame. The chart revealed that a similar fractal occurred during the first week of November. At this time, Dogecoin was consolidating after initially rising above the $0.20 level. This consolidation phase, like the current one, was characterized by low volatility and steady accumulation. However, the November fractal finally resolved itself with a edged enhance of 115% in six days.
Comparing this situation to the November setup, Kenobi predicted that Dogecoin price could repeat this result and create a novel all-time high in the next three days. In terms of price target, a breakout would take DOGE to $0.74, which would put it above the current all-time high of $0.7316.
What’s next for Dogecoin’s price?
The prospect of Dogecoin hitting a novel all-time high is growing with each passing day, especially considering the price action over the past 24 hours. At the time of analysis, DOGE’s price was $0.41. Interestingly, the price of Dogecoin has risen to $0.46 at the time of writing, indicating that a bullish fractal breakout has occurred.
The DOGE price, which started in November at USD 0.1616, has already increased by approximately 230% in the last 30 days. Many data in the chain AND pricing patterns indicate a further price enhance, at least in the coming days and weeks. Ali Martinez, popular cryptocurrency analyst, he suggested it Dogecoin price is in the middle of a bullish breakout to $0.82. If the target price is achieved, it would represent a further enhance of 78% from the current price.
Featured image created with Dall.E, chart from Tradingview.com
