Dogecoin Price Forecast: Bullish Pennant Signals Potential Surge to $0.18
Dogecoin Price Could Be On the Verge of a Breakout: Analyst Spotlights Bullish Pennant
The Dogecoin (DOGE) price has caught the attention of crypto analyst Trader Tardigrade, who has identified a bullish pennant pattern on the daily Heikin Ashi chart. This pattern, according to the analyst, suggests that a breakout is imminent, with a potential target of $0.18.
Trader Tardigrade’s analysis points to a measured move from the pennant pole, indicating a potential surge towards $0.18 before the month ends. This aligns with the strong performance of DOGE in October, where it has already witnessed a remarkable 22% increase in value.
If DOGE manages to reach $0.18, it would equal the monthly gains recorded in February, when DOGE saw a 50% surge. Notably, March witnessed an impressive 87% rise, pushing the Dogecoin price to its yearly high of $0.22.
Optimistic Predictions for Dogecoin’s Future
Analysts remain bullish about Dogecoin’s trajectory, predicting a continuation of its upward trend throughout the year and into 2025. Crypto analyst Dima James believes that the price recovery trend will persist, potentially propelling DOGE to $10 and beyond in the coming year.
Trader Tardigrade’s analysis further reinforces this optimism. The analyst observed a ‘Reversal box’ move, reminiscent of the 2021 bull run, which has led to predictions of DOGE potentially reaching $3.7 next year.
KrissPax Sees a Potential Run to a New All-Time High
Crypto analyst KrissPax adds to the bullish sentiment, suggesting a potential run to a new all-time high (ATH) of $3 for DOGE. Using the law of diminishing returns, the analyst anticipates resistance at $0.22, which, if broken, could send the price to $0.35, another resistance level.
A successful breakthrough of the $0.35 resistance could propel the price towards its current ATH of $0.73. KrissPax predicts that once this hurdle is cleared, DOGE could surge to a new ATH of around $3 in 2025.
However, before reaching these ambitious targets, DOGE needs to overcome the $0.14 resistance level. A successful breakout from this resistance could lead to a rally towards $0.20.
As of writing, the Dogecoin price is trading at around $0.138. The coming days will be crucial to see if DOGE can break through the $0.14 resistance and realize the bullish potential identified by analysts.