KrissPax sees a bull flag pattern forming in Dogecoin’s price action, suggesting potential for upside movement. The analyst draws out a clear flagpole formation followed by a consolidation phase, indicating temporary price stability before an anticipated breakout.
The cryptocurrency currently displays a textbook bull flag pattern with the initial sharp upward movement forming the flagpole. During the subsequent consolidation phase, DOGE has been trading in a rectangular channel with a slight upward tilt, accompanied by decreasing volume—a characteristic typical of this pattern.
Price Target and Key Levels
Based on traditional technical analysis methods, KrissPax projects a price target of $0.69, calculated by extending the flagpole’s height from the breakout point. This ia a 70% spike from current level around $0.4. The 50-day Simple Moving Average maintains its position above the 200-day SMA, reinforcing the overall bullish trend.
For this bullish scenario to materialize, DOGE needs to breach the flag’s upper resistance with substantial volume.
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Broader market conditions, particularly Bitcoin’s performance, will play a crucial role in validating this setup. Currently, the price action suggests strong buying pressure, though traders should remain vigilant of potential pullbacks to the breakout level.
Achieving the $0.69 target requires sustained momentum and favorable market conditions through year-end.
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