The Dogecoin price is racing to his next bullish targetas one analyst predicts a rise to $15 for the number one meme coin. This optimistic price forecast comes as the Dogecoin Price Breaks Out of a legendary Bull Pennant pattern, which the analyst has indicated is a major bullish signal.
Dogecoin Price Breaks Out of Legendary Pennant Pattern
In an X (formerly Twitter) post on November 11, crypto analyst Trader Tardigrade said revealed an important update on the price dynamics of Dogecoin (DOGE). According to the analyst, the Dogecoin price has officially broken out of a ‘legendary’ era Taurus Pennant” cartridge.
The analyst shared a price chart to illustrate Price movements of Dogecoin from 2019 to present. Trader Tardigrade highlighted that Dogecoin began forming this unique triangle pattern in 2021, during a period of increased popularity for the meme coin.
However, as the analyst notes, 2024 will mark an important year as the Dogecoin price has broken out of the Bull Pennant formation, which is a sign of a new bullish phase for the popular meme-based cryptocurrency. The Bull Pennant pattern is a technical indicator often associated with a potential uptrend, and according to the crypto analyst, Dogecoin could be one too. on the eve of a huge price increase up to $15.
While this price target may sound overly ambitious to some investors, it is important to note that Dogecoin is up 260.94% in just one month and is still on the rise. Today, Dogecoin has skyrocketed 44.69%, and its market cap is approaching the $60 billion mark.
Dogecoin’s recent breakout from the Bull Pennant formation can be attributed to a confluence of bullish factors that have driven the price higher in recent weeks. The shift in market sentiment was fueled by SpaceX CEO Elon Musk’s DOGE proposal and the 47th US President, Donald TrumpMusk’s support has pushed the Dogecoin price to new highs. The popular meme coin is now posting gains not seen since the last bull run four years ago.
If these bullish factors continue to drive Dogecoin, and the meme coin maintains its momentum, the price could be creating new ATHs this cycle. At the time of writing, the Dogecoin price is trading at $0.4, which is more than twice its initial value earlier this month.
DOGE will be the biggest winner this cycle
Given the enormous momentum since Trump won the US presidential election, crypto analyst Jeremy has done the same declared that Dogecoin is poised to become the biggest runner in this bull run. Now that the crypto bull run has officially started, Dogecoin has been one of the biggest winners Bitcoin (BTC)which has risen to multiple massive all-time highs and is currently closing in on the $90,000 mark.
Jeremy suggested that Dogecoin could reach the $1 mark under certain conditions. He said that if Musk publicly claims Dogecoin co-founder status and if both SpaceX CEO and Trump integrate Dogecoin into the US economy, the meme coin’s price could experience unprecedented growth.
Featured image created with Dall.E, chart from Tradingview.com