Dogecoin (DOGE), currently the largest meme coin by market capitalization, is hinting at the beginning of a new bullish run. Experts expect notable volatility in the Dogecoin price in the near future.
Market analyst Ceciliones has given a new fresh outlook and expects Dogecoin to trade at $1 due to the formation of a bullish pennant pattern.
Dogecoin is currently hovering between $0.43 and $0.44 and the analyst believes that the memecoin could increase by more than 128% of its current value to reach $1.
Bullish Pennant Pattern Signals Dogecoin Price Upsurge
The bullish pennant pattern that Ceciliones shows is a technical formation that indicates that the existing trend of increased prices is likely to be repeated.
This pattern is seen after a substantial rise in price that is followed by consolidation and a second breakout.
The analyst explains that on the current Dogecoin chart, there is a bullish consolidation pattern, which might be followed by a surge
Analyzing the 12-hour (12H) DOGE/USDT chart presented by Ceciliones, Dogecoin is proving that it is ready for a breakout.
The price has been contained in the bullish pennant for a long time and the chart center lines indicate that the upward movement is due.
The pattern has consistently been valid in the past to signal the onset of price rallies, and if so, Dogecoin may be primed to climb towards $1.
Doing so would translate to a 128% price hike from the current price levels.
Technical Indicators Confirm the Bullish Outlook
Ceciliones’ analysis is further supported by several technical indicators that suggest Dogecoin price will continue higher.
The MACD line is at 0.00266 while the signal line is at 0.00129, with a crossover in an upward direction. This is a bullish signal.
The crossover was concluded recently indicating that there is an increasing buying power.
Further, the MACD indicator has transitioned from a bearish state to a bullish position, as the two lines are inclined upwards in tangent with possible price enhancements.
In addition, it is noticeable there is a trend of green bars rising in the histogram. This shows the bars are getting bigger after a crossover which indicates the bullish trend on the momentum.
Heightened bars have been on the rise recently which is an indication of increased buying pressure.
Conversely, the Relative Strength Index (RSI) for Dogecoin is at 61, which means the asset is not yet overbought. When the RSI index is above 70, it often indicates oversold and thus the asset is likely to correct.
Thus, as the current Dogecoin’s RSI value is still below this level, the potential for further price growth remains.
This implies that the current bullish run could persist hence a rational price target of $1 as projected herein.
Market Observations from Other Analysts
Several other analysts in the cryptocurrency industry have also weighed in about the trend of Dogecoin price.
A user, identified only as NOS4RA2x, commented in another TradingView analysis that Dogecoin is showing bullish signals.
This involves identification of a bullish ascending channel indicating that the price of Dogecoin could be set for a breakout.
Based on this analysis, the target for Dogecoin could be at the 1.618 Fibonacci extension at around $1.15627. This would uphold the idea that the price of Dogecoin is likely to move up greatly.
Furthermore, another market analyst named Jacob Canfield has given similar target price forecasts. He stated that Dogecoin can mirror the same sort of price movement as the XRP price spike.
According to Canfield’s analysis, the meme coin might even reach $1.15, as other analysts also predict that Dogecoin is headed for the bulls in the coming weeks.
At press time, Dogecoin price is trading at $0.4455, up 6% in the last 24 hours. The market cap stands at $65.52B, reflecting a 6.60% increase.
Trading volume surged 54% to $14.19B, with a volume-to-market cap ratio of 22.07%. The 1-day chart shows a rebound from $0.4184 to $0.45, signaling strong buying momentum.
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