Emily Walker
Dogecoin is on the verge of a significant upward trajectory, with analysts predicting a rise to $15 for this leading meme cryptocurrency. This optimistic outlook follows Dogecoin’s recent breakout from a classic Bull Pennant pattern, a notable sign of bullish momentum.
Dogecoin’s Breakthrough from Major Pennant Formation
On November 11, trader Trader Tardigrade announced an important development in Dogecoin’s (DOGE) pricing on X (formerly Twitter). The analyst confirmed that Dogecoin has successfully emerged from what is termed a “Legendary Bull Pennant” pattern.
The analyst posted a chart showcasing Dogecoin’s price trends spanning from 2019 to the present day. Trader Tardigrade emphasized that this particular triangular pattern began forming in 2021, coinciding with a surge in Dogecoin’s popularity.
According to the analyst, 2024 promises to be pivotal for Dogecoin, now that it has broken free from the Bull Pennant pattern, indicating the start of a new bullish phase. The Bull Pennant serves as a technical signal frequently linked to a potential upward trend, and the analyst suggests that Dogecoin could be on the brink of a substantial price surge toward $15.
While this target may seem ambitious to some, Dogecoin has surged by 260.94% in just one month and continues to climb. Recently, it jumped by 44.69%, edging closer to a market cap of $60 billion.
The recent surge in Dogecoin’s price can be attributed to several positive factors that have positively influenced its value recently. The enhanced market sentiment, spurred by SpaceX CEO Elon Musk’s D.O.G.E proposal along with endorsements from Donald Trump, has elevated Dogecoin to heights not seen since the last major bull run four years ago.
If these favorable trends persist, Dogecoin could reach new all-time highs in the current cycle. At the moment, Dogecoin is trading at $0.4, more than doubling its price from earlier this month.
DOGE Expected to Be the Top Gainer This Cycle
Analyst Jeremey predicts that Dogecoin is set to be the standout performer of this market cycle, particularly following Trump’s recent electoral victory. With the current crypto bull run underway, Dogecoin has emerged as one of the top performers, alongside Bitcoin (BTC), which has reached multiple substantial all-time highs and is approaching the $90,000 threshold.
Jeremy indicated that Dogecoin could potentially hit the $1 mark under specific circumstances. He mentioned that if Musk publicly asserts his co-founder status with Dogecoin, and if both Musk and Trump help to incorporate Dogecoin into the US economy, it could lead to unprecedented increases in the meme coin’s price.