Recent fluctuations in the Dogecoin value have witnessed the meme cryptocurrency surging out of a bullish flag formation. This bullish flag formation emerged during a period of consolidation that commenced after Dogecoin’s price achieved a new yearly peak on November 12.
Notably, Dogecoin price movements during the weekend experienced an upward breakout of the bullish flag, reaching a high of $0.4759 before an immediate retest. Technical evaluation of the Dogecoin price indicates that this breakout/retest maneuver could potentially lead to a surge to $1.2 within the upcoming 10 to 15 days.
Technical Framework Indicates Dogecoin Price To $1.2 In 10-15 Days
Numerous cryptocurrency enthusiasts are monitoring the Dogecoin price to observe its developments in the forthcoming days. Based on a technical assessment by a crypto analyst known as CryptoManiac101 on TradingView, the present price pattern is signaling a price target of $1.2 within the next 10 to 15 days.
CryptoManiac101 pointed out that the Dogecoin value had escaped from the bullish pennant but is presently retesting the breakout level, which is a crucial area to observe for subsequent price movements. The analyst stressed the significance of this retest, referring to it as a “critical area to monitor,” considering its potential to either confirm or refute the pattern.
Statistical evaluations of bullish pennants show a 70% chance of price continuation post-breakout. Nevertheless, CryptoManiac101 suggested that this likelihood may be even greater in the prevailing market context, as there is a prevailing sentiment of what many are describing as an altcoin bull market. Keeping this in consideration, there exists a heightened probability that Dogecoin could soon experience significant upward price shifts.
The forthcoming milestones for the Dogecoin value are a confirmation of the retest and an “abrupt progression” of the rally. The price targets are established between $0.74 and $1.20, which could be realized within the 10 to 15-day period referenced. However, the analyst cautioned about the critical nature of maintaining above the $0.39 mark, as a descent below this level could nullify the bullish pennant and result in a bearish reversal.
What Awaits The DOGE Price?
At the moment of writing, the Dogecoin price stands at $0.4252, down by 2.35% over the last 24 hours. Thus, achieving the $0.74 and $1.2 price targets would represent a price growth of 74% and 182%, correspondingly, from the current rate.
While reaching either of these targets would imply the Dogecoin price surpassing its current all-time peak of $0.7316, CryptoManiac101 acknowledged that these are merely short-term price targets. Other analysts have forecasted significantly more optimistic Dogecoin price targets for the long-term. For example, one crypto analyst indicated that the Dogecoin price is set to hit $3 by January 2025.
Featured image generated with Dall.E, chart from Tradingview.com
