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Dogecoin

Dogecoin Price Flashes Bull Flag On The Hourly Chart, Can It Rally To $1?

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Another DOGE rally may be imminent after the Dogecoin price flashed a bullish pattern on the hourly chart. This has raised the possibility that it could rally to the psychological $1 price level soon enough. 

Dogecoin Price Flashes Bull Flag On Hourly Chart

In a TradingView post, crypto analyst Skidad revealed that the Dogecoin price had flashed a bull flag on the hourly chart. The analyst also revealed that the Fibonacci fan is nearing the support zone. Based on this, Skidad remarked that there could be a possible DOGE breakout to the upside. 

Related Reading: Bitcoin Price And The Trump Effect: Here’s What Happened The Last Time Donald Trump Was President
Dogecoin price 1
Source: TradingView

This bull flag presents a bullish outlook for the Dogecoin price, which is currently consolidating after its parabolic rally of over 100% in the last seven days. The bullish pattern indicates that the upward trend will continue soon enough once the foremost meme coin is done consolidating for the next leg up. 

The analyst’s chart showed that the Dogecoin price could rally to as high as its current all-time high (ATH) at $0.73 on this next leg up. That could pave the way for another rally to the much-anticipated $1 price level. Crypto analyst Master Kenobi, who correctly predicted the start of the Dogecoin bull run, recently predicted that DOGE could reach this price level by December 2nd. 

Crypto analyst Dj Anas also recently revealed that the Dogecoin price is set to enter price discovery and predicted that the foremost meme coin will reach $1 by year-end. The analyst made this prediction based on the Fibonacci levels, which he said support such upward momentum for DOGE. 

In an X post, Crypto analyst Kevin Capital noted that a Dogecoin price rally to $1 isn’t far off, considering that the meme coin has gained over 300% in the last month. 

DOGE Could Hit $2 By Year-End

In a recent X post, Kevin predicted that the Dogecoin price could rally to as high as $2 by December. However, the analyst opined that DOGE needs to cool off the indicators first and spend a couple of weeks loading up for the next move. He noted that this is all based on strong historical evidence. 

Related Reading: Here’s How Much The Dogecoin Price Will Be With The Market Cap Of Solana
Dogecoin price 2
Source: x

The analyst revealed that a one to three-week healthy consolidation period happened multiple times in the 2021 bull run as the Dogecoin price rallied to its current ATH. In line with this, he believes a consolidation period would be the most beneficial for Dogecoin. 

The analyst’s first target for the Dogecoin price retracement is the $0.26 to $0.30 range, which he noted is the golden pocket retrace level. That represents a 30% to 40% correction from the local top, which Kevin claimed is a perfect-size correction in a bull market. 

At the time of writing, the Dogecoin price is trading at around $0.37, down over 4% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com
DOGE price at $0.36 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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