Where’s Dogecoin Price Headed Amid New Bull Flag Breakout?

Dogecoin Price Analysis Amid Bullish Flag Pattern

Dogecoin price today shows a price increase, with the memecoin moving from around $0.22 to peak near $0.255. Notably, the memecoin is up roughly 12% in the same period, suggesting consistent bullish momentum. Looking at the volume bars, it is clear that it surged significantly, aligning with the price increase.

DOGE is up 24% during the past seven days and 12.2% in the past 14 days. Amid this surge, analysts believe now is the time for the price to move even higher based on technical patterns. 

Dogecoin Price Forms Bullish Flag 

Specifically, Trader Tardigrade recently shared a technical commentary showing Dogecoin price action on a 4-hour timeframe. The chart shared shows a “bull flag” pattern, which is typically a bullish continuation pattern. It shows that the price might move higher if it breaks out of the flag.

The meme coin price shows a consistent upward move, which is followed by a consolidation phase that appears in a downward-sloping channel or flag. The flag represents a brief pause in the uptrend, which often leads to another bullish move if the price breaks above the upper trendline.

DOGE Anticipated Breakout and Target

Tardigrade’s chart shows a target price $0.295 if the bulls push DOGE above the anticipated trendline. The percentage change from $0.2489 to $0.295 is approximately 18.53%.

While the breakout above a flag shows further continuation potential, technical patterns can fail. Traders often wait for confirmation with a stiff candle close near the resistance to minimize risk.

A separate chart by crypto analyst Kaleo adds to bullish momentum in the market. Kaleo's chart proves the meme coin's potential growth, with comparisons drawn between Dogecoin and Bitcoin, particularly when it comes to its role within the "memecoin" market. 

Dogecoin is the Bitcoin of Memecoins.

The focus of the analysis is on the explosive price action expected to be experienced by DOGE, similar to that Bitcoin has undergone during bull runs, especially during Bitcoin post-halving days. In other words, the analyst suggests the meme coin might follow BTC price trends, which would involve huge price hikes.

BTC Halving Chart | Source: X

The chart shown by Kaleo highlights the patterns in the historical prices of DOGE whenever Bitcoin halving events took place. According to him, huge price increments occurred in 2016 and 2020 after the Bitcoin halving events, and hence, he expects the same for DOGE with the 2024 Bitcoin halving already done. 

According to the chart, a 20,538% gain occurred from a previous low followed by the 2020 BTC halving, and a gain of around 2,777% could be seen as potential should DOGE have a similar run. This means that the meme coin may experience a price pump all the way to $6.7688, which is a very extravagant price target. 

The phrase “Don’t sleep on the king” speaks to the stardom of Dogecoin as the king of meme coins. Though created as a joke, Dogecoin has managed to make its way to the attention of the general cryptocurrency community and the public, and Kaleo points out that this status should not be overlooked.