Dogecoin Price Flashes Bullish Pennant, Could Rise To $0.18 In The Short Term

Crypto analyst Trader Tardigrade has drawn the community's attention to a bullish pattern on the Dogecoin price chart.

.18 In The Short Term" >

Dogecoin Price Analysis: DOGE Price Flashes Bullish Pennant, Could Hit $0.18 Soon

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Crypto analyst reveals a bullish pennant breakout on the daily Heikin Ashi chart.

An “easy target” for the Dogecoin price is set at $0.18.

DOGE could reach this target before the month ends, having enjoyed a 22% uptrend in October.

Dogecoin price is preparing for a breakout from a bullish pennant, a formation that could send the meme coin price to $0.18 before the month ends.

A breakout from the bullish pennant on the daily Heikin Ashi chart is just around the corner, crypto analyst Trader Tardigrade revealed in an X post. With this occurrence, the analyst noted that an “easy target” measured from the pennant pole is $0.18.

His accompanying chart showed that the Dogecoin price could reach this target before the month ends. DOGE has already enjoyed a massive uptrend this month, as CryptoRank data shows that the foremost meme coin is up over 22% in October, a monthly performance that has only been topped this year by its price gains in February and March.

However, a rise to $0.18 this month would match October’s price gains with those recorded in February, when DOGE enjoyed a monthly return of 50%. In March, the Dogecoin price recorded a gain of 87% as it rose to a yearly high of $0.22.

The Dogecoin price uptrend this month is expected to extend until year-end and even continue in the new year, as crypto analyst Dima James said the price recovery trend will continue into 2025. Interestingly, the analyst predicted that DOGE could rally to as high as $10 and surpass it sometime next year. He made this prediction based on the 2021 bull pattern, which he claimed the meme coin is replicating again.

Meanwhile, Trader Tardigrade recently mentioned that the Dogecoin price had replicated a ‘Reversal box’ move from the 2021 bull run. Because of this pattern, the analyst predicted that DOGE could reach $3.7 next year.

The Run To A New All-Time High Of $3

Another crypto analyst, known as KrissPax, has also provided insights into how the Dogecoin price could reach a new all-time high (ATH) of $3. Using the law of diminishing returns, the analyst stated that he sees a resistance at $0.22, which, if DOGE breaks above, would send its price to $0.35, another resistance level.

He added that a successful break above that resistance level would send the Dogecoin price to its current ATH of $0.73. Once that is done, KrissPax predicts that the foremost meme coin will rally to a new ATH at around $3 in 2025. In the meantime, DOGE needs to clear the $0.14 resistance, with a successful breakout possibly leading to the rally to $0.20.

At the time of writing, the Dogecoin price is trading at around $0.138, down in the last 24 hours, according to data from CoinMarketCap.

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