The price of Dogecoin is Shows signs of assembly After breaking the bullish flag confirmed. This was an interesting breakthrough Most notable Cryptocurrency analyst World of Charts, with Dogecoin prices likely to rise beyond the $1 mark.
A bullish flag breakout paves the way for a strong upward price movement
Dogecoin’s price movement in the past six weeks has been characterized by Intermittent movement Consolidation is below the $0.5 price level. This volatile move, which initially stayed above $0.4, lost ground above this level and eventually pulled the move between $0.3 and $0.4.
Notably, the consolidation movement led to an interesting price formation on the Dogecoin price chart. This formation consists of lower highs and higher lows, creating a bullish flag on the 8-hour candlestick time frame chart. A The bullish flag is a continuation pattern This often indicates a strong upward price movement after a period of consolidation.
According to cryptocurrency analyst World Of Charts, who shared his technical analysis of Dogecoin’s price movement on social media platform Recent inflows into the cryptocurrency market have seen Dogecoin bounce off the lower trend line of the bull flag.
This caused it to climb higher to reach the upper trend line, break out of the upper trend line, retest the upper trend line, and bounce back to confirm the breakout. As the analyst noted, confirmation of the breakout now paves the way for Dogecoin to experience another major bullish wave.
Could the price of Dogecoin finally surpass $1?
Given the bullish nature of the bullish flag formation, the next move from here after a bullish breakout will be another important rally. Moreover, this may be the long-awaited opportunity Dogecoin to move towards the $1 mark.
The World of Charts price target projection identifies a price breakout moving towards The current all-time high is at around $0.73 in the next few days. “We expect another strong bullish wave in the coming days in Dogecoin,” the analyst said.
There is no doubt that such a rapid and strong upward wave will reach an all-time high Cascade in constant motion Upwards, provided that positive sentiment remains strong and there is minimal profit taking. This, in turn, could lead to an eventual move above $1, which has been a long-standing goal of the Dogecoin meme coin community.
The first step to getting to $1 It would be $0.4 to recover And $0.5. At the time of writing, Dogecoin is trading at $0.3877 and is up 3% in the last 24 hours. Interestingly, Dogecoin is up 17% in the last seven days as the bulls are now looking to take it back above the $0.4 threshold.
Featured image created with Dall.E, chart from Tradingview.com
