This article is also available in Spanish.
Cryptographic analyst KrissPax has provided a bullish outlook for the price of Dogecoin, recently indicating that the leading meme coin is still very bullish. DOGE is currently witnessing a consolidation phase, having seen a notable rally between October and early November.
Dogecoin price is still very bullish despite the recent cooldown
In a recent X postKrissPax suggested that Dogecoin price is still very bullish despite the recent cooldown. The crypto analyst stated that Dogecoin is trading on the 2-hour chart in a classic manner ascending triangle pattern. He added that the pattern looks bullish with a flat upper resistance line, higher lows and even the level of leverage that has occurred.
Related reading
KrissPax is not the first to highlight an ascending triangle pattern on the DOGE chart, which provides a bullish outlook for Dogecoin price. Cryptographic analyst Capital Rect recently drew the community’s attention to this bullish pattern and suggested that Dogecoin could rise to $0.56 when it breaks out of this consolidation triangle.
Since its parabolic rally in October and early November, Dogecoin price has consolidated in the $0.4 range. However, cryptocurrency analysts like it Master Kenobi and Kevin Capital suggested that the meme coin’s price action is expected and still in bullish territory despite this cooling-off period.
According to these analysts, Dogecoin price consolidated for about 25 days in the latest bull run after its first bull phase before enjoying another bull phase. History seems to be repeating itself, as the top meme coin consolidated for a similar number of days this time.
This period of consolidation may soon end, as this time the Dogecoin price has cooled down for about 25 days. In line with this, Master Kenobi predicts that Dogecoin could enjoy another pump in the coming days, reaching $1, and eventually reaching $2.9.
The DOGE’s next stage will be “violent”
Cryptographic analyst Capital Blunz predicted that the next rise in the price of Dogecoin will be explosive. In a post on The accompanying chart showed that the top meme coin would reach $0.6 in the next rally.
Related reading
This expected rally will bring Dogecoin price close to its current all-time high (ATH) at $0.73. Crypto analyst Crow he also provided a bullish outlook for Dogecoin, stating that market participants should not fade DOGE. Its accompanying chart showed that the meme coin could even surpass its current all-time high in the next leg.
At the time of writing, Dogecoin price is trading at $0.43, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com