Emily Walker
A potential rally for Dogecoin (DOGE) seems on the horizon as the price has shown a bullish signal on the hourly chart. This raises the speculation that it might surge towards the significant psychological threshold of $1 soon.
Positive Bullish Signal Identified
According to a recent analysis by crypto expert Skidad, a bull flag pattern has formed on the hourly chart for Dogecoin. Additionally, the Fibonacci fan has approached a support zone, suggesting a possible upward movement for DOGE.
This bullish flag indicates a positive outlook for Dogecoin, which is currently steady after a remarkable increase of over 100% within the past week. The pattern implies that once the coin completes its consolidation phase, an upward trend may soon follow.
The chart analysis suggests that Dogecoin could potentially reach its previous peak of $0.73 during this next upward movement. If this occurs, it may create momentum toward the sought-after $1 mark. Notably, crypto analyst Master Kenobi, who accurately anticipated the onset of Dogecoin’s bull run, forecasts that this price could be achievable by December 2nd.
Similarly, analyst Dj Anas has also projected that the price will enter a discovery phase leading to a $1 price point by the end of the year. This prediction aligns with his analysis of Fibonacci levels that support upward movement for DOGE.
Crypto analyst Kevin Capital expressed in a recent post that given Dogecoin’s impressive 300% surge over the past month, hitting $1 might not be too far-fetched.
Future Projections for DOGE Price
Kevin further speculated in a recent post that Dogecoin could climb as high as $2 by December. He emphasized, however, that it is essential for DOGE to stabilize and undergo a consolidation phase for a few weeks before attempting the next surge, as historical data supports this trend.
The analyst noted that during previous bull runs in 2021, Dogecoin experienced healthy consolidation periods lasting between one to three weeks while climbing to its all-time high. He believes that a similar consolidation would greatly benefit Dogecoin now.
Kevin identified a target retracement level for Dogecoin between $0.26 and $0.30, which is referred to as the golden pocket retrace. This scenario would present a correction of about 30% to 40% from the current top, a healthy adjustment expected in a bull market.
Currently, Dogecoin trades around $0.37, reflecting a decrease of over 4% in the last 24 hours, as per CoinMarketCap data.