Why Dogecoin Could Rally 200% After Breaking Daily Candle And Bullish Pennant
The Dogecoin price has rallied from its November 26 low of $0.369 in the previous 24 hours. Dogecoin's intraday high of $0.4577 is a 24% gain in seven days.
This rise has seen Dogecoin break a price trend to the upside, indicating another significant gain. Technical research predicts Dogecoin will rise 200% from here.
Dogecoin Daily Candle Breaks Out
Dogecoin's daily candle broke over a major resistance level, allowing for another 200% price rise. This barrier breakthrough happened as a push above a bullish pennant formation on the Dogecoin price chart that has been in action since November.
Trader Tardigrade, a technical crypto expert, noted this chart pattern on X. Dogecoin's daily candle closure broke the bullish pennant pattern of the last month, he said. This pattern of consolidation after a large upward rise frequently anticipates another asset price increase.
After starting November at $0.143, Dogecoin rose beyond $0.43. Under two weeks, this rise is 200%. Dogecoin has yet to surge strongly, despite a few upward movements and corrections. These swings formed the bullish pennant, priming Dogecoin for its next breakthrough.
Why from here a 200% rally is possible
The bullish pennant break suggests Dogecoin might rise. The breakthrough might lead to another 200% gain in early December for Dogecoin, like in November. Dogecoin may break its all-time high of $0.7316 and then $1.
According to Trader Tardigrade, the price goal is $1.3, 200% from the bullish pennant breakthrough level. Dogecoin bulls must surge through critical resistance zones to reach this level. These significant resistance zones begin at $0.457. A major break above the 2024 high of $0.476 will be the next hurdle.