Emily Walker
The price of Dogecoin is currently experiencing a potential rally thanks to a confirmed bullish pennant breakout. Notably, this breakout was pointed out by crypto analyst World of Charts, who sees a possibility for Dogecoin to surge above the $1 level.
Strong Upward Movement Ahead Following Bullish Pennant Breakout
Over the past six weeks, Dogecoin’s price has shown erratic fluctuations and steadiness below the $0.5 mark. Initially, the price lingered above $0.4 but eventually fell between $0.3 and $0.4.
This steadiness has led to an intriguing price structure on Dogecoin’s chart, characterized by lower highs and higher lows, resulting in a bullish pennant formation on the 8-hour candlestick chart. A bullish pennant is a continuation pattern that typically indicates a strong upward price trend following a consolidation phase.
As per insights from crypto analyst World Of Charts, the meme coin has recently surpassed the upper boundary of the bullish pennant. With new capital flowing into the crypto market, Dogecoin has rebounded from the pennant’s lower boundary.
This has led to an upward movement that saw it break through the upper boundary, retest it, and bounce off to confirm the breakout. According to the analyst, this confirmation opens the door for Dogecoin to experience an upward surge.
Will Dogecoin Finally Cross the $1 Barrier?
Considering the bullish pennant formation, the next likely move post-breakout would be a notable rally. This is seen as a key moment for Dogecoin’s ascent toward the $1 target.
World of Charts suggests that the price could aim for its previous high of around $0.73 within a few days. The analyst anticipates, “Expecting Another Strong Bullish Wave In Coming Days In Dogecoin.”
A fast and robust bullish movement towards its all-time high could potentially propel further upward momentum, especially with strong market sentiment and limited profit-taking. This could ultimately help Dogecoin surpass the $1 mark, a long-held aspiration for its community.
The initial goals for reaching $1 would involve reclaiming $0.4 and $0.5. As of now, Dogecoin is valued at $0.3877, reflecting a 3% increase over the last 24 hours. Interestingly, it has risen by 17% in the last week, as bulls aim to elevate it back over the $0.4 threshold.