Dogecoin Bull Flag Pattern Predicts 30% Upside According to Crypto Analyst
Dogecoin's recent price action has once again brought attention to the cryptocurrency amid active market demand.
The coin moved into a narrow range after its vertical surge, forming a Bullish Flag pattern on the hourly chart according to prominent crypto analyst Ali Martinez.
Martinez believes this pattern could increase the token's price by one-third.
The current DOGEUSD price is trading within a narrow range of $0.087, $0.088, and Martinez divides the possible next move into two clear scenarios: a bullish scenario where the price moves above the $0.090 resistance level towards the nearest target at $0.115, representing a clean upside of around 30%; or a bearish scenario where a break below $0.081 would invalidate the bullish flag setup and cause sellers to regain control.
The strong on-chain foundation is working against a deeper decline, with around 30 billion DOGE previously changing hands at the $0.081 level, acting as a strong support zone capable of holding the price during local market pullbacks.