Dogecoin Bull Flag Points to $0.12 Target Amid Market Rebound
Dogecoin (DOGE) might be gearing up for a rebound, according to crypto analyst Ali @ali_charts. A bull flag pattern has emerged on its chart, which typically forms after a strong upward move and is followed by a potential breakout higher. The pattern projects a move toward $0.12, aligning with multiple bullish signals developing on the higher timeframes.
The price rebound of Dogecoin coincided with positive fundamental and technical signals. A Tom DeMark Sequential has flashed a buy signal on the daily chart, suggesting that the correction may be ending and DOGE could resume its uptrend. Additionally, a morning doji star pattern has formed on the daily chart, indicating decreasing selling momentum as buyers step in.
Large holders or whales appear to be buying the dip, with over 400 million DOGE bought in five days contributing to meaningful buying pressure at current price levels. This recent accumulation has reinforced a major on-chain support level for Dogecoin near $0.0813, where almost 35 billion DOGE were previously traded.