Recent movements of the Dogecoin price have seen the meme cryptocurrency breaking to the upside of a bull flag pattern. This bull flag pattern took shape during a consolidation that began after the Dogecoin price reached a new yearly high on November 12.
Interestingly, Dogecoin price action over the weekend has seen an upward breakout of the bull flag to peak at $0.4759 and then an immediate retest. Technical analysis of the Dogecoin price suggests that this breakout/retest movement could lead to a breakout to $1.2 within the next 10 to 15 days.
Technical Formation Says Dogecoin Price To $1.2 In 10-15 Days
Many crypto participants are watching the Dogecoin price to see how it plays out in the next few days. According to a technical analysis by a crypto analyst called CryptoManiac101 on the TradingView platform, the current price pattern is pointing to a $1.2 price target in the next 10 to 15 days.
CryptoManiac101 noted that the Dogecoin price had broken out of the bull pennant but is currently retesting the breakout level, which is a critical area to watch for further price movement. The analyst emphasized the importance of this retest, calling it a “key area to be on the lookout for,” given its potential to either validate or invalidate the pattern.
Statistical analysis of bull pennants reveals a 70% probability of price continuation following a breakout. However, CryptoManiac101 suggested that this probability might be even higher in the current market environment, as there is a reigning idea of what many are describing as an altcoin bull market. Keeping this in mind, there is a higher probability that the Dogecoin could soon see sharp price movements upward.
The next milestones for the Dogecoin price are a confirmation of the retest and an “abrupt continuation” of the rally. The price targets are set between $0.74 and $1.20, which could be achieved within the 10 to 15-day timeframe mentioned. However, the analyst warned of the importance of holding above the $0.39 level, as a drop below this threshold could invalidate the bull pennant and lead to a bearish reversal.
What’s Next For The DOGE Price?
At the time of writing, the Dogecoin price is trading at $0.4252, down by 2.35% in the past 24 hours. Therefore, reaching the $0.74 and $1.2 price targets would translate to a price increase of 74% and 182%, respectively, from the current price.
Although reaching either of these targets would see the Dogecoin price breaking above its current all-time high of $0.7316, CryptoManiac101 did note that these are only short-term price targets. Other analysts have predicted much more bullish Dogecoin price targets in the longer term. For instance, one crypto analyst noted that the Dogecoin price is on track to reach $3 by January 2025.
Featured image created with Dall.E, chart from Tradingview.com
