The crypto market witnessed one of its most positive weeks recently, and Dogecoin emerged as a significant beneficiary of this shift in momentum. A well-known crypto analyst has suggested that the meme coin is gearing up for another surge, hinting that the upward trend is far from over.
In a recent post, prominent crypto analyst Ali Martinez presented an optimistic outlook for Dogecoin’s price in the coming days. According to Martinez, the largest meme coin is poised to surpass the $0.2 mark as November progresses.
Martinez’s bullish projection relies on the formation of a bull flag pattern on Dogecoin’s four-hour chart. This technical analysis pattern starts with a period of steady upward movement (the flagpole), followed by a brief period of price consolidation or a slight downward shift (the flag). Typically, a bull flag suggests a continuation of the upward trend, requiring a breakout from the consolidation phase to confirm the continuation. Such a breakout often results in a price increase, mirroring the length of the initial flagpole.
According to Martinez, this pattern is currently unfolding on Dogecoin’s four-hour chart, with the critical trigger point around the $0.169 mark. Martinez highlighted that a significant resistance level exists around $0.168, and a successful close above this area could propel DOGE’s price towards its 2024 high.
Utilizing the length of the initial flagpole, the price target for Dogecoin is set at approximately $0.209, representing a 29% rally from its current price. While reaching $0.209 would signify a substantial leap in Dogecoin’s price trajectory, it would still be about 250% below its all-time high of $0.7316.
As of now, Dogecoin is priced at around $0.1603, showing a modest 1.1% increase in the past 24 hours. Although the meme coin has slowed slightly in the last day, its weekly performance still ranks it among the best-performing assets in recent weeks. Data from CoinGecko indicates that Dogecoin’s price has risen nearly 20% over the past seven days. However, the coin has experienced a steep correction on the daily timeframe, signaling potential volatility ahead.
