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Dogecoin price action over the past 48 hours has been highlighted by a rally below the $0.45 price level. It is interesting that technical analysis shows that this combination is part of the bullish pennant established since the beginning of November. In particular, Dogecoin is currently in the flag phase of a bullish pennant formation, known as a consolidation phase before the next leg up.
According to Crypto analyst KrissPax, this Dogecoin price movement creates “a good foundation for the next big Doge pump.”
Dogecoin’s Sideways Trading Forms a Growth Basis
The price of Dogecoin has been trading within the range since reaching the $0.47 mark on November 23. This range was highlighted by a key support level around $0.37 that prevented further declines on November 26. Crypto analyst KrissPax noted that this combination hold more than support, which he interprets as constructive rather than negative.
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From a Dogecoin price point of view, KrissPax emphasized that the consolidation has led to the formation of a bullish pennant, which is scheduled to be broken from the upper trendline. In his price prediction, he highlighted the $1.3 level as the main target after the breakout.
A bullish pennant usually appears after a strong upward rally followed by a consolidation, and a triangle-like price movement. A break in this pattern usually indicates a continuation of the previous trend, making $1.30 the target if the pattern is true.
Dogecoin’s current sideways trading is holding support and making a good base for the next big Doge pump. This bullish pennant is targeting a big move up to $1.30!
Chart: Trader Tardigrade pic.twitter.com/cho062TLNU
– KrissPax (@krisspax) December 3, 2024
What Could Drive Dogecoin Price To $1.3?
At the time of writing, Dogecoin is trading at $0.419, according to CoinMarketCap, which represents a staggering 178% increase over the past 30 days. Should Dogecoin be able to continue its upward trajectory and earn gains to reach the $1.30 target, it would represent an additional 210% increase from its current price, and a decisive move above its all-time high of $0.7316.
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However, cost 1.30 US dollars it depends on other market factors that go beyond the bullish pennant pattern forming on the Dogecoin price chart. However, current market conditions suggest that the value of the meme coin is still in a good position to continue growing. An important role in this regard is the recent increase in activity on the Dogecoin blockchain, especially among large holders.
According to data from blockchain analytics firm Santiment, there has been a significant whale gathering in the past few days. According to Santiment’s data, Dogecoin whales together they get more 160 million DOGE tokens in just 48 hours. This increase in demand can help stabilize Dogecoin’s price and support it a bid to exceed the previous high.
The featured image was created with Dall.E, a chart from Tradingview.com