Dogecoin ($DOGE ) is on the rise again. Analysts are now looking for a second bullish pennant formation, signaling another potential breakout. This could push the meme coin to $0.90. Analysts note that a second bullish peak has formed on the 2-hour price chart, indicating that part of the 'flag' pattern may be approaching completion.

Historically, these patterns signal a continuation of the previous trend, and breakouts often coincide with prior bullish movements. Crypto analyst Trader Tardigrade predicted a potential breakout of this model, forecasting that the price of Dogecoin could rise to $0.90.

The MVRV ratio suggests growth opportunities

The Market Value to Realized Value (MVRV) ratio supports an optimistic outlook. According to Ali Martinez, the MVRV ratio for Dogecoin is 45.65%, which is below the critical level of 78%, which has historically marked the peak of the DOGE rally.$SEI $SUI