Emily Walker
The price of Dogecoin has experienced a positive surge in the last 24 hours, continuing its upward movement from a low of $0.369 recorded on November 26. Currently, Dogecoin is trading at an intraday peak of $0.4577, reflecting a seven-day increase of 24%.
This upward momentum has allowed Dogecoin to surpass a critical price pattern, indicating the potential for another significant increase. Technical analysis indicates that there may be a strong rally ahead, possibly up to 200% from its current price level.
Dogecoin Closes Daily Candle with a Breakout
The daily closing candle for Dogecoin shows a breakout above a major resistance level, paving the way for a potential 200% price rise. This breakout coincided with a move above a bullish pennant formation on the Dogecoin price chart that has been established since early November.
This bullish pattern was brought to attention by crypto analyst Trader Tardigrade on social media platform X. He noted that the closing of Dogecoin’s daily candle signifies a notable breakout from the bullish pennant that has developed over the past month. This pattern, defined by a consolidation phase following a previous price surge, often indicates the asset is poised for another upward movement.
#Dogecoin daily candle closes with a BREAKOUT candle of the Bullish Pennant
$Doge is finally pushed above the resistance to break the pattern and starts the next surge to the target $1.3
pic.twitter.com/TQnSz9jaRm
— Trader Tardigrade (@TATrader_Alan) December 2, 2024
The recent surge in Dogecoin’s price started in early November, climbing from around $0.143 to over $0.43—this equates to a 200% increase in under two weeks. Although the upward trend has faced some corrections, these movements have collectively configured the bullish pennant, setting Dogecoin up for a potential breakout.
Prospects for a 200% Increase
The confirmation of the breakout from the bullish pennant enhances the likelihood of Dogecoin reaching new all-time highs. Predictions suggest that another 200% price rise could occur in early December, similar to the earlier rally in November. This could lead Dogecoin to surpass its previous record of $0.7316 and reach the $1 mark.
Trader Tardigrade identifies a price target of $1.3, which represents a 200% increase from the breakout level of the bullish pennant. However, achieving this target requires strong upward momentum, as it will involve clearing several key resistance levels. The initial challenge lies at $0.457, followed by breaking the current 2024 high of $0.476.
At present, Dogecoin is trading at $0.439, reflecting a 2.77% increase over the last day.