- Dogecoin forms a bull flag, with a breakout above $0.40 potentially driving the price to a target of $0.85.
- Consolidation at $0.32 support strengthens Dogecoin’s technical setup, signaling a possible continuation of its upward trend.
- Traders eye $0.40 resistance for confirmation, as the flagpole pattern suggests potential for significant gains if a breakout occurs.
Bullish reversal pattern on the price chart is forming on Dogecoin ($DOGE) that is grabbing the reader’s attention. This looks like a bull flag which is a technical analysis formation that indicates a continuing of an upward move. Prices are well bid and analysts are observing the price patterns to see that a four hour close above the $0.40 level could lead to a major move upwards towards $0.85.
Bull Flag Formation and Key Levels to Watch
A bull flag is another typical and convenient pattern that appears following a rapid increase in value, which is known as the flagpole. This is succeeded by a phase of flat or ranging in a downward channel, making the “flag.” Such patterns normally mean a brief halt before the resumption of an additional percentage increase. In the case of Dogecoin, from the chart, there is a sharp angle before the consolidation phase, which tends to happen in a bull-flag chart.
Taking into consideration that with $0.40 is located a vital level of turn, for traders it is an important level of resistance. The breakout can further be affirmed by a strong hourly close above this level in preparation for a stair higher. On the flip side, the connecting trendline appears to have offered support at $0.32 as it has refused to drop any further during the consolidation.
Potential Breakout Target
According to analysts, if the breakout happens, $DOGE may likely have an attractive point of $0.85 focusing on the length of the flagpole alongside previous prices. However, the market has significantly remained as volatile as before, and maybe the reasons as to why this ratio is formed may not be realized as such.
Even as the bull flag pattern deepens for Dogecoin, traders must start getting wary. Explicit approvals are the best before coming up with any decision, and much fluctuation in the market may cause high variability. Watching this pair, with the two levels of $0.40 and $.32 being specified might give much clearer signals for further moves.
The post Dogecoin Forms Potential Bull Flag, Breakout Could Push Price to $0.85 appeared first on Crypto News Land.
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