The Dogecoin price is Showing signs of a rally after a confirmed bullish pennant breakout. This was an interesting outbreak highlighted by Crypto analyst World of Charts, with the prospect of Dogecoin price rising beyond the $1 mark.
The breakout of the bullish pennant sets the stage for a strong price move higher
Dogecoin price movement over the past six weeks has been characterized by a restless movement and consolidation below the $0.5 price level. This choppy move, which initially remained above $0.4, lost its footing above this level and eventually stalled the move between $0.3 and $0.4.
Notably, the consolidation move has resulted in interesting price formation on the Dogecoin price chart. This formation consists of lower highs and higher lows, resulting in the formation of a bullish pennant on the 8-hour candlestick timeframe chart. A The bullish pennant is a continuation pattern This often indicates a strong upward movement in prices after a period of consolidation.
According to crypto analyst World Of Charts, who shared his technical analysis of Dogecoin’s price action on social media platform X, the meme coin now appears to have broken the upper trend line of the bullish pennant. Recent inflows into the crypto market have caused Dogecoin to bounce off the lower trendline of the bullish pennant.
This triggered a surge higher to reach the upper trendline, break out of the upper trendline, retest that upper trendline, and bounce again to confirm the breakout. As the analyst noted, the confirmation of the breakout now paves the way for Dogecoin to experience another significant bullish wave.
Can Dogecoin price finally break the $1 mark?
Given the bullish nature of the bullish pennant formation, the next move from here after the breakout to the upside would be another significant rally. Furthermore, this could finally be the highly anticipated opportunity we need Dogecoin is moving towards the $1 mark.
A price target forecast from World of Charts assumes a price breakout move in direction reach its current all-time high of around $0.73 in the next few days. “We expect another strong bullish wave in Dogecoin in the coming days,” the analyst said.
Such a quick, strong upward wave to its all-time high would undoubtedly result in this Cascade into a continuous movement upwards, provided the positive sentiment remains strong and there is minimal profit-taking. This, in turn, could lead to an eventual rise above $1, which is a long-standing goal of the Dogecoin meme coin community.
The first step to reach $1 would be to reclaim $0.4 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 bulls now attempt to push it back above the $0.4 threshold.
Featured image created with Dall.E, chart from Tradingview.com