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HomeCrypto NewsMarketExpert Says Dogecoin Second Bull Flag Structure To Take Doge to $0.90

Expert Says Dogecoin Second Bull Flag Structure To Take Doge to $0.90

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The latest Dogecoin rally has positioned the meme coin among the top gainers, with analysts pointing to further upside amid a bull flag formation.

Trader Tardigrade, a market expert, recently shared an analysis pointing to $0.90 as Dogecoin’s next target, citing the formation of a second bull pennant pattern on the 2-hour price chart. 

The First Dogecoin Bull Pennant

The first bullish pennant formed between Nov. 5 and 7. This pattern began with an initial surge from $0.1677 to $0.2187, coinciding with market optimism following a significant geopolitical event—the victory of Donald Trump in the U.S. elections. This rally created the flagpole of the first pennant.

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Shortly after reaching the $0.2187 peak, Dogecoin faced a pullback, dropping to $0.1857 as profit-taking ensued. However, the asset entered a phase of consolidation, during which prices stabilized within a narrowing range, forming the flag portion of the pattern. 

When Dogecoin broke above this pennant’s upper resistance on Nov. 7, the move ignited a massive rally. Over the next five days, the price soared to a three-year high of $0.4389 by Nov. 12, marking a staggering 139% increase from a $0.1857 low on Nov. 7.

Dogecoin Forms the Second Bull Pennant 

Following the rally to $0.4389, Dogecoin dropped and entered another consolidation phase. The latest price action mirrors the first bull pennant structure, with the recent surge forming a second flagpole. This rise, which pushed DOGE from $0.3 to $0.4389, set the stage for the ongoing consolidation.  

Dogecoin 2h Chart Trader Tardigrade
Dogecoin 2h Chart | Trader Tardigrade

Currently, Dogecoin’s price is moving within a tightening range, indicating that the flag portion of the second pennant is near completion. Market watchers often interpret such patterns as signals of continuation, where the breakout direction aligns with the preceding bullish trend.

Trader Tardigrade anticipates that this second pennant will soon lead to another breakout. If the formation plays out as expected, Dogecoin’s price could potentially skyrocket to $0.9. This projected move represents a 139% gain from its current level, similar to the magnitude of the first pennant’s breakout.

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At press time, Dogecoin currently changes hands at $0.3752. One factor that could support the potential push toward the $0.9 level is a renewal of whale accumulation. The Crypto Basic confirmed yesterday that DOGE whales recently procured 160 million tokens in 24 hours.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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