Dogecoin Forms Bullish Pennant: Price Outlook and Predictions

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Cryptocurrency analyst Trader Tardigrade has caught the attention of the community with a bullish pattern observed on the Dogecoin price chart. Based on this development, the analyst provided insights into the potential short-term rise of the Dogecoin price.

Dogecoin Price Shows Bullish Pennant

Trader Tardigrade indicated in a post on X that the Dogecoin price has reached the apex of a bullish pennant on the daily Heikin Ashi chart. In light of this occurrence, the analyst suggested that a breakout is imminent and stated that an “easy target” inferred from the pennant pole is $0.18.

The analyst’s accompanying chart indicated that the Dogecoin price may achieve this target before the month concludes. DOGE has already experienced significant upward movement this month, as CryptoRank data reveals the leading meme coin is up more than 22% in October, a monthly performance that has only been surpassed in 2023 by its gains in February and March.

However, a rise to $0.18 this month would align October’s price increases with those seen in February, when DOGE recorded a monthly return of 50%. In March, the Dogecoin price noted an 87% gain, reaching a yearly peak of $0.22.

The current uptrend in Dogecoin’s price is anticipated to persist through the end of the year and potentially carry on into the following year, as crypto analyst Dima James noted that the recovery trend will extend into 2025. Notably, the analyst forecasted that DOGE could surge as high as $10, even exceeding that mark sometime next year. His prediction is based on the replication of a 2021 bullish pattern which he claims the meme coin is following once again.

In addition, Trader Tardigrade recently pointed out that the Dogecoin price had mirrored a ‘Reversal box’ movement from the 2021 bull run. This pattern has led the analyst to predict that DOGE could reach $3.7 in the upcoming year.

The Path to a New All-Time High of $3

Crypto analyst KrissPax has shared his analysis on how the Dogecoin price could surge to this new all-time high (ATH) of $3. By applying the concept of diminishing returns, the analyst stated that he identifies a resistance level at $0.22, which, if DOGE surpasses, would propel its price to $0.35, another resistance point.

He asserted that a successful breach above that resistance would propel the Dogecoin price towards its current ATH of $0.73. After achieving this, KrissPax anticipates that the leading meme coin will soar to a new ATH around $3 by 2025. Meanwhile, DOGE must clear the $0.14 resistance, with a successful breakout potentially triggering a rally to $0.20.

At the time of this writing, the Dogecoin price is trading at approximately $0.138, reflecting a decline in the last 24 hours, according to data from CoinMarketCap.