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Crypto analyst Trader Tardigrade has revealed that the Dogecoin price has formed a new bullish pennant after the surge to $0.4. The analyst further revealed how high Dogecoin could rise following the formation of this bullish pattern.
Dogecoin Price To Reach $0.9 As Bullish Pennant Forms
In an X post, Trader Tardigrade mentioned that the next stop for the Dogecoin price is $0.9 as another bull pennant forms. The analyst revealed that the previous pennant took Dogecoin from $0.2 to $0.3, while this current one aims to send the foremost meme coin to $0.9. This bullish pennant indicates that DOGE will resume its upward trend once it’s done consolidating.
Trader Tardigrade had also recently revealed that the Dogecoin price had broken out of a bull pennant on the monthly chart. The analyst predicted that the breakout could cause DOGE to rally to $15 sometime in 2025, which could mark the Dogecoin peak in this bull run. He also recently raised the possibility of a DOGE price rally to as high as $30 if it mirrors the 2021 bull run.
However, in the short term, crypto analyst Kevin Capital has warned that the Dogecoin price could still consolidate and correct for around two more weeks. He mentioned that the target for Dogecoin would be between $0.26 and $0.30, which is the golden pocket retrace level. He added that would represent a 30% to 40% correction from the local top, which is a perfect size correction in a bull market.
Meanwhile, in the long term, Kevin is also bullish like other analysts like Trader Tardigrade. The analyst predicted that the Dogecoin price could reach between $1 and $2 by year-end. Crypto analyst Dj Anas also predicted that Dogecoin could reach $1 by year-end based on the Fibonacci levels.
DOGE To $10 Looking More Likely
Crypto analyst Javon Marks has said that a Dogecoin price rally to $10 in this market cycle is looking more likely. He remarked that the technical analysis, historical trends, and current support such a bullish outlook for Dogecoin. A rally to $10 represents another gain of over 2,400% for Dogecoin, and the analyst believes this rally may already be in play.
As for current events supporting such a parabolic rally, Javon Marks noted that a governmental organization is now named after the foremost meme coin. This is in reference to the Department of Government Efficiency (D.OG.E), which the US President-elect Donald Trump has appointed Elon Musk, a Dogecoin supporter, to co-lead.
At the time of writing, the Dogecoin price is trading at around $0.38, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from CNBC, chart from TradingView
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