Bullish Flag Pattern Forms in Dogecoin, Eyeing 30% Upside

Dogecoin (DOGE) has formed a bullish flag pattern on its hourly chart, according to prominent crypto analyst Ali Martinez. This pattern could potentially increase DOGE's price by one-third.

The coin is currently trading within a narrow range of $0.087, $0.088, and Martinez divides the possible next move into two clear scenarios: bullish or bearish. A break above the $0.090 resistance level would activate the pattern, paving the way for a price increase towards $0.115, representing a 30% upside.

Historical sell-order density is virtually nonexistent between $0.090 and $0.177, clearing the way for a rapid price move. However, if DOGE breaks below $0.081, the bullish flag setup would be invalidated, and the price could correct towards the long-term bottom of the broader descending wedge in the $0.056, $0.060 range.