A fresh technical setup has been identified on the Dogecoin (DOGE) four-hour chart. The formation of a new bull pennant pattern has taken shape, marking a potential continuation of the recent upward trend. This development has emerged during a period of stabilized price action, giving analysts a clearer outlook for short-term movement.
Bull Flag Formation with Price Objective Set at $0.37
The bull pennant formation follows a recent consolidation period where DOGE traded within a tightening range. This pattern has historically indicated trend continuation in similar contexts. A deeper analysis indicates that the flagpole extends from May 9, marking a sharp price surge that reached above $0.22. Price action has since consolidated into a symmetrical triangle, forming the pennant structure within a tightening range. The pattern’s technical measurement shows a projected target of $0.37 based on the flagpole height.
DOGE/BTC Pattern and 30,000% Growth History
To further validate the impending bullish movement, another observation by Trader Tardigrade hints at an upcoming spike. The analyst notes that a recurring market pattern on the Dogecoin to Bitcoin (DOGE/BTC) chart has raised attention across trading desks. The setup closely mirrors a historic formation that once preceded a massive 30,000% DOGE surge during the previous market cycle.
Current Market Performance of Dogecoin-Bitcoin Pair
To validate this movement, a comparative price trend between Dogecoin and Bitcoin data further supports this action. According to CoinMarketCap data at the time of press, Dogecoin is trading at $0.2232 after recording a 7.64% drop over the past 24 hours. Its market capitalization decreased to $33.31 billion, reflecting a 7.62% decline.
Current observations from the technical analysis of Dogecoin suggest potential trends that may indicate further movement of the asset. The bull flag on the chart and identification of historical patterns point to an interesting period for traders.
