Crypto analyst Kevin (@Kev_Capital_TA) says Dogecoin is ‘bullish’ as he predicts a large price movement could occur by Saturday. On Dogecoin’s 4-hour chart, Kevin pointed to a developing bullish pennant formation that could lead to a breakout.
X broke out all the way up to $24,412, tweeting about what he saw next: ‘multiple touch points on each side with plenty of consolidation time’ it’s a key development to monitor.’ A bullish pennant is commonly formed within an uptrend in a pause, and subsequently continues. In this one,
Dogecoin Trading At $0.38 In Bullish Pennant
Dogecoin is trading at about $0.38 within the pennant for which the converging trend lines between the red lines signify the falling volatility. Kevin’s analysis concludes a breakout shouldn’t happen before Saturday at the latest.
If price breaks out, price will quickly move upwards or downwards greatly, based on how price interacts with key support and resistance levels. In case the price will break above the upper resistance at $0.54, more gains could be expected. But if support levels around $0.33 and $0.2950 are broken, the slide could take place.
He also mentioned what he calls a ‘phenomenal’ momentum indicator called the stochastic Relative Strength Index (RSI) on the daily chart. Dogecoin’s RSI is pretty much reset, which means after a brief uptrend the coin could rise again, he observed.
Kevin is shining a light on consolidation and explaining how stronger consolidation leads to a bigger breakout on Dogecoin. According to him, the next price surge might be the biggest bull run we have seen thus far and that may hold some clues to where the coin’s future is headed.
