THE Dogecoin Price continued to trend around the $0.19 to $0.2 level after encountering significant resistance from the bears at this level. This caused a price suppression over the past week, stopping the meme coin’s advance in its tracks. However, the outlook remains optimistic for the DOGE Pricewith crypto analysts expecting the rally to continue soon and the price to double.
Dogecoin forms a bull flag pattern
Dogecoin’s performance over the past month has been quite encouraging, and despite a bump in its rally, it has continued to show bullish trends. The most recent bullish movement caused by the meme coin is the formation of a bullish flag pattern on its chart.
Crypto Analyst Trader Tardigrade revealed in a post from X (formerly Twitter) stating that the cryptocurrency chart had shown something interesting on the daily chart. According to the analysis, the movements made by Dogecoin over the past few weeks have led to the formation of a bull flag on the daily chart.
However, the main driver of the rally which is supposed to follow this training is the DOGE Price come out of the bull flag, which has not yet happened. But as the crypto analyst explains, a breakout from here would send the price of Dogecoin at least 2 times higher than its current level.
A successful break above the $0.205 level would confirm this bullish formation. However, DOGE failed to achieve this, but trading below $0.2 at the time of writing. This could also be a hard-won battle for the coin as Bitcoin’s uncertain movements continue to drag the crypto market down.
When will DOGE take this step?
The month of April promises to be bullish for the Dogecoin Price, and the crypto analyst price shows it. The expected time frame for the bullish breakout is this month, which would place it within the next few weeks. The Tardigrade trader’s target shows an increase of over 100% from the current price level, reaching up to $0.4 in the short term.
The move could be boosted by Bitcoin’s halving this month, which should boost bullish sentiment. Expectations for the price of Bitcoin are that it will reach $80,000, and this move would undoubtedly drag down the rest of the crypto market, causing coins like Dogecoin to rise.
At the time of writing, the DOGE Price was trending at $0.19, with a decline of 1.61% in the last 24 hours. However, over the weekly period, its price is up 14%, placing itself in second position behind Toncoin (TON) for the best performer in the top 10.
DOGE bulls struggling to recover | Source: DOGEUSDT on Tradingview.com
Featured image from Token Metrics, chart from Tradingview.com
