Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30
04 Diciembre 2024 - 2:30PM
NEWSBTC
The Dogecoin price action in the past 48 hours has been highlighted
by a consolidation below the $0.45 price level. Interestingly,
technical analysis shows that this consolidation is part of a
bullish pennant that has been in formation since early November.
Particularly, Dogecoin is currently in the flag phase of the
bullish pennant formation, which is known to be the consoldation
phase before the next leg up. According to Crypto analyst KrissPax,
this Dogecoin price movement is creating a “great springboard for
the next big Doge pump.” Dogecoin’s Sideways Trading Forms The
Foundation For Growth The Dogecoin price has been trading within
range since it reached the $0.47 mark on November 23. This range
has been highlighted by a key support level around $0.37 that
prevented further declines on November 26. Crypto analyst KrissPax
noted that this consolidation has held above support, which he
interprets as constructive rather than negative. Related Reading:
Bitcoin Price Prediction: Charting The Roadmap Of BTC To $150,000
By 2025 In terms of a Dogecoin price outlook, KrissPax highlighted
that the consolidation has led to the formation of a bullish
pennant, which is set to be broken at the upper trendline. For his
price prediction, he highlighted the $1.3 level as the prime target
after the breakout. The bullish pennant typically forms after
a strong upward rally followed by consolidation, with price
movements resembling a triangle. A breakout from this pattern often
signals the continuation of the prior trend, making $1.30 a
plausible target if the pattern holds true. The current Dogecoin
sideways trading is holding support and making for a great
springboard for the next big Doge pump. This bullish pennant
targets a big move up to $1.30! Chart: Trader Tardigrade
pic.twitter.com/cho062TLNU — KrissPax (@krisspax) December 3, 2024
What Could Drive The Dogecoin Price To $1.3? At the time of
writing, Dogecoin is trading at $0.419, according to CoinMarketCap,
reflecting an impressive surge of about 178% over the past 30 days.
Should Dogecoin manage to sustain its upward trajectory and achieve
a breakout toward the $1.30 target, it would represent an
additional 210% increase from its current price, as well as a
decisive move beyond its all-time high of $0.7316. Related Reading:
Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic
Breakout However, the path to $1.30 depends on other market factors
that extend beyond the bullish pennant pattern currently forming in
Dogecoin’s price chart. Nonetheless, current market factors suggest
that the meme coin’s price is still in a good position to keep
growing. A key contributor to this outlook is the recent surge in
activity on the Dogecoin blockchain, particularly among large
holders. According to data from blockchain analytics firm
Santiment, there has been a significant whale accumulation over the
past several days. According to Santiment’s data, Dogecoin whales
collectively acquired an additional 160 million $DOGE tokens within
just 48 hours. This increase in demand could help sustain
Dogecoin’s price rally and support its bid to surpass previous
highs. Featured image created with Dall.E, chart from
Tradingview.com
Dogecoin (COIN:DOGEUSD)
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Dogecoin (COIN:DOGEUSD)
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