Dogecoin (DOGE) is once again showing an upward trend. Analysts observe the formation of a second bull flag, indicating a potential breakout that could drive the meme coin's price up to $0.90.
Formation of the Second Bull Flag
Analysts note the second bull peak has emerged on the 2-hour price chart, indicating the flag portion of this pattern may be nearing completion. Historically, such patterns signal a continuation of the preceding trend, with breakouts often aligning with the prior bullish movement. Crypto analyst Trader Tardigrade predicts a possible breakout from this pattern, projecting Dogecoin’s price could rise to $0.90.
The Significance of MVRV Ratio
The Market Value to Realized Value (MVRV) ratio supports a bullish outlook. According to Ali Martinez, Dogecoin’s MVRV ratio is 45.65%, below the crucial level of 78%, which has historically...
Overall Picture and Forecasts
Analysts note possible short-term correction, but the long-term trend remains bullish. This is supported by MVRV ratio data and the continuation of the bull flag formation.
Dogecoin is demonstrating positive momentum, and observed patterns might lead to a considerable rise in its value. However, short-term fluctuations may occur and should be taken into account by investors.
