Dogecoin forms a second bull pennant, signaling a potential breakout towards $0.90.
MVRV ratio at 45.65% indicates DOGE has room for growth before reaching overbought levels.
Analysts note possible short-term correction, but long-term trend remains bullish.
Dogecoin (DOGE) is on the rise again. Analysts are now on the lookout for a second bull pennant pattern form, signaling another potential breakout. This could push the meme coin to $0.90.
https://twitter.com/TATrader_Alan/status/1857362914832974153
Analysts note that the second bull peak has emerged on the 2-hour price chart, indicating that the flag portion of the pattern may be nearing completion.
Historically, these patterns signal a continuation of the preceding trend, with breakouts often aligning with the prior bullish movement. Crypto analyst Trader Tardigrade predicted a potential breakout from this pattern, projecting Dogecoin’s price could rise to $0.90.
MVRV Ratio Suggests Room for Growth
The Market Value to Realized Value (MVRV) ratio supports a bullish outlook. According to Ali Martinez, Dogecoin’s MVRV ratio is 45.65%, below the crucial level of 78%, which has historically…
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