The Dogecoin price is showing signs of a rally following a confirmed bullish pennant breakout. This interesting breakout was highlighted by crypto analyst World of Charts, with the prospect of a Dogecoin price surge past the $1 mark now in view.
Bullish Pennant Breakout Sets The Stage For Strong Upward Price Action
The Dogecoin price action in the past six weeks has been characterized by a choppy movement and consolidation below the $0.5 price level. This choppy movement, which initially remained above $0.4, lost its footing above this level and eventually dragged on the movement between $0.3 and $0.4.
Notably, the consolidation movement has given rise to an interesting price formation on the Dogecoin price chart. This formation is composed of lower highs and higher lows, leading to the creation of a bullish pennant on the 8-hour candlestick timeframe chart. A bullish pennant is a continuation pattern that often signals a strong upward price movement following a consolidation period.
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 seems to have now broken above the upper trendline of the bullish pennant. Recent inflows into the crypto market have seen Dogecoin bounce from the lower trendline of the bullish pennant.
This triggered a climb upwards to reach the upper trendline, break out of the upper trendline, retest this upper trendline, and bounce off again to confirm the breakout. As noted by the analyst, the breakout confirmation now paves the way for Dogecoin to experience another significant bullish wave.
Can Dogecoin Price Finally Break $1?
Given the bullish nature of the bullish pennant formation, the next step from here after the upward breakout would be another significant rally. Furthermore, this could finally be the much-anticipated opportunity needed for Dogecoin to move towards the $1 mark.
A price target projection from World of Charts puts the price breakout moving towards its current all-time high of around $0.73 in the next few days. “Expecting Another Strong Bullish Wave In Coming Days In Dogecoin,” the analyst said.
Such a quick, strong bullish wave to its all-time high would undoubtedly cascade into a continued move upwards, provided the positive sentiment remains strong and there is minimal profit-taking. This, in turn, could lead to a final move above $1, which has been a long-standing goal for Dogecoin’s community of meme coins.
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 by 3% in the past 24 hours. Interestingly, Dogecoin is up by 17% in the past seven days as the bulls now look to return it back above the $0.4 threshold.
Featured image created with Dall.E, chart from Tradingview.com
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