Dogecoin ($DOGE ) has recently surged, placing it among the top gainers, with analysts anticipating further upside. Market expert Trader Tardigrade has highlighted a second bull flag formation on the 2-hour price chart, suggesting that $0.90 is the next target for the meme coin.
The First Bull Pennant Pattern
Initial Surge: The first bullish pennant began forming between November 5 and 7, starting with a surge from $0.1677 to $0.2187. This rally coincided with heightened market optimism following Donald Trump's victory in the U.S. elections, creating the flagpole for the initial pennant.
Consolidation Phase: After reaching $0.2187, Dogecoin experienced a pullback to $0.1857 due to profit-taking, followed by a consolidation phase, where the price stabilized in a narrowing range, forming the flag.
Breakout and Rally: On November 7, when Dogecoin broke above the upper resistance of the pennant, it ignited a massive rally. The price surged to a three-year high of $0.4389 by November 12, marking a 139% increase from its low of $0.1857 on November 7.
Second Bull Pennant Formation
Continuation of Bullish Trend: After the rally to $0.4389, Dogecoin experienced a pullback and entered a consolidation phase. This price action mirrors the first bull pennant pattern, with the recent rise from $0.30 to $0.4389 forming the second flagpole.
Ongoing Consolidation: Dogecoin’s price is now moving within a tightening range, completing the flag portion of the second pennant. Typically, such patterns indicate continuation, with the breakout direction aligning with the previous bullish trend.
Price Target and Whale Activity
Target Price: Trader Tardigrade anticipates that the second pennant will soon lead to a breakout, potentially pushing Dogecoin to $0.90. This move represents a 139% gain from its current price of $0.3752, similar to the first pennant’s breakout.
Whale Accumulation: A key factor supporting this potential rally is renewed whale activity. Reports indicate that Dogecoin whales have recently accumulated 160 million tokens within a 24-hour period, suggesting growing interest in the asset.
Conclusion
With the second bull flag forming and continued whale support, Dogecoin is showing strong potential for a significant price move. If the breakout occurs as anticipated, $0.90 could be within reach, mirroring the explosive gains seen after the first pennant. Traders and investors are closely watching for confirmation of this bullish continuation.
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