The Dogecoin stamp has currently exhibited a classic bull flag pattern on its stamp chart, a technical indicator usually signaling continued upward momentum. The Dogecoin stamp has largely traded below $0.4 within the past seven days on the encourage of a continued stamp consolidation. At the time of writing, Dogecoin is trading at $0.39, sitting firmly within the consolidation section of this bull flag pattern.
KrissPax Identifies Key Target For Dogecoin Trace
This vogue of a bull flag pattern turn out to be as soon as highlighted on the social media platform X by crypto analyst KrissPax, which relays to the current bullish sentiment surrounding the DOGE stamp. Critically, this bull flag pattern turn out to be as soon as highlighted on the 2-hour candlestick chart of the Dogecoin stamp.
A bull flag pattern is characterised by a pointy stamp derive bigger (the flagpole) followed by a length of consolidation in a downward-sloping channel (the flag). This formation means that, upon breaking above the upper trendline of the flag, the asset may possibly possibly well resume its prior uptrend.
Within the case of the DOGE stamp, the flag pole turn out to be as soon as created by the Dogecoin stamp rally from November 8 unless it peaked at $0.446. Since then, a consolidation has resulted in the creation of a flag. As KrissPax notorious, a a success breakout to the upside would push the DOGE stamp in opposition to $0.60. Curiously, the analyst expects this breakout to occur by Friday.
Tremendous bull flag on the Dogecoin chart – target $0.60. Might well we peek the originate of the next $DOGE breakout on Friday? Within the interim, Dogecoin quiet trading appropriate within the center of the flag at 38 cents. pic.twitter.com/kR6WSxMQI5
— KrissPax (@krisspax) November 22, 2024
Market Expectations For DOGE’s Subsequent Transfer
At the time of writing, Dogecoin is trading at $0.393. A circulate in opposition to the $0.6 tag would translate to a stamp derive bigger of about fifty three% from the present stamp. Furthermore, reaching the $0.6 stamp target would do the Dogecoin stamp at a fresh 2024 excessive and a 3-yr excessive, but quiet about 22% from its present all-time excessive of $0.7326.
KrissPax’s $0.6 stamp target plays proper into a bullish outlook of the DOGE stamp amongst many crypto analysts and merchants. Supporting this bullish outlook, diverse analysts accept seen identical patterns. For occasion, a document from Bitcoinist notorious that the Dogecoin stamp may possibly possibly well rally to its all-time excessive of $0.73, paving the methodology for a surge to the noteworthy-anticipated $1 level. Furthermore, diverse analysts accept predicted that the DOGE stamp may possibly possibly well reach $2 by the stay of the yr on the present scramble of stamp boost.
This bullish outlook for the Dogecoin stamp cuts across every phase of the Dogecoin ecosystem. On-chain data has shown that Dogecoin whales are taking excellent thing about the price decline to load up on their holdings. Critically, Dogecoin whale addresses maintaining 10 million to 100 million DOGE tokens accept supplied more than 550 million DOGE over the past week, worth round $214.5 million.
Featured image created with Dall.E, chart from Tradingview.com
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