A market expert emphasized that Dogecoin's (DOGE) next target could be $0.90, based on the second bullish pennant pattern observed on the 2-hour price chart according to Trader Tardigrade.
Dogecoin's recent bullish surge has made it one of the best-performing cryptocurrencies, with analysts forecasting further growth due to the formation of a bullish flag pattern.
First Bull Pennant Flag
The initial bullish pennant formed from November 5 to November 7, starting with a price increase from $0.1677 to $0.2187.
This increase was driven by market optimism following Donald Trump's election victory, setting the stage for the first flag.
After reaching $0.2187, Dogecoin dropped to $0.1857 as traders took profits.
However, the price has stabilized within a narrow range, forming the flag portion of the pattern.
When Dogecoin broke through the upper resistance of the pennant on November 7, it triggered a significant bullish rally, climbing to a three-year high of $0.4389 on November 12—a substantial increase of 139% from the low of $0.1857.
Second Bull Pennant Flag
After rising to $0.4389, Dogecoin retraced and entered another consolidation phase.
This recent price action resembles the first bullish pennant symbol, with a new flagpole emerging from the rise to $0.4389.
Currently, Dogecoin's price is moving within a narrow range, indicating that the flag portion of the second pennant is nearing completion.
Traders often view such patterns as continuation signals, where the breakout direction aligns with the previous bullish trend.
Trader Tardigrade predicts that this second flag will soon create another breakout, potentially driving Dogecoin's price to $0.90.
This anticipated volatility is expected to increase by 139% from the current price of $0.3752, reflecting the breakout of the first flag.
Additionally, the renewed accumulation by whales may support this potential bullish trend, as recent reports indicate that Dogecoin whales have purchased 160 million tokens within 24 hours.
