Dogecoin (DOGE) has completed a classic Bull flag pattern on the chart, indicating that the upward momentum may be true, as crypto analyst KrissPax shares. The price of DOGE currently stands at $0.393, and it is consolidating around $0.4 in a consolidation phase, expected to breakout at $0.60 — up by 53%.
DOGE’s visualization of the flag pattern that shows a sharp surge in price (the flagpole) followed by a lower sloping consolidation channel (the flag), can be seen on its 2 hour candlestick chart. It is this technical formation that often predicts that once the price breaks above the upper trendline stop, the uptrend will continue.
Dogecoin Analysts Predict $1 And $2 Milestones
DOGE’s rally from November 8 topped out at $0.446 and the flagpole formed for its pattern. Traders are cautiously optimistic of the current consolidation phase. KrissPax says the breakout could come Friday, sending prices to $0.60, a three-year high and peak in 2024. But it still sits 22% lower than DOGE’s all-time high of $0.7326, which were recorded during the 2021 crypto boom.
Dogecoin is attracting a lot of bullish sentiment from the crypto community. According to a analyst report, if DOGE can reach $0.73, $1 for the world’s ninth largest digital currency could finally be in sight. Many are even more optimistic, expecting $2 by year’s end if the current growth pace continues.
This view on Dogecoin whales’ activity is supported by this outlook. Analysis of on chain data reveals addresses which hold 10-100 million DOGE have accumulated over 550 million tokens making up approximately $214.5 million over the past week. This tells us that DOGE has a lot of upside.
Across the market, traders are waiting for Dogecoin to break out, thereby signaling the bull flag signal. The move above $0.60 could also drive presence of DOGE as a top performer in crypto market in 2024 that could rekindle the interest in meme coin among retail and institutional investors alike.
