One other DOGE rally could also be imminent after the Dogecoin price flashed a bullish pattern on the hourly chart. This has raised the chance 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 possibly be a possible DOGE breakout to the upside.
This bull flag presents a bullish outlook for the Dogecoin price, which is currently consolidating after its parabolic rally of over 100% within the last seven days. The bullish pattern indicates that the upward trend will proceed soon enough once the foremost meme coin is finished consolidating for the subsequent 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 would pave the best way for an additional rally to the much-anticipated $1 price level. Crypto analyst Master Kenobi, who accurately predicted the beginning 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 ready 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% within the last month.
DOGE Could Hit $2 By Yr-End
In a recent X post, Kevin predicted that the Dogecoin price could rally to as high as $2 by December. Nevertheless, the analyst opined that DOGE needs to chill off the symptoms first and spend a few weeks loading up for the subsequent move. He noted that that is all based on strong historical evidence.
The analyst revealed that a one to three-week healthy consolidation period happened multiple times within the 2021 bull run because the Dogecoin price rallied to its current ATH. In keeping with this, he believes a consolidation period can be essentially the most helpful for Dogecoin.
The analyst’s first goal 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.
On the time of writing, the Dogecoin price is trading at around $0.37, down over 4% within the last 24 hours, based on data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com