Dogecoin Price Target Hits $0.115 as Bullish Flag Formation Takes Shape

Analyst Ali Martinez believes Dogecoin (DOGE) could experience a significant price surge if it breaks above its bullish flag formation on the 1-hour timeframe. According to TradingView, DOGE is currently hovering around $0.866, which would translate to a 32.79% upside if the upper border of the bullish flag is broken.

Martinez points out that Dogecoin has established a strong support level around $0.081, backed by 30 billion DOGE traded near this price range according to Glassnode's UTXO Realized Price Distribution (URPD). The analyst expects the next major sell pressure at approximately $0.177.

The bullish sentiment for Dogecoin is bolstered by its predominantly positive Funding Rate, which has remained positive since July 24, based on metrics from CoinGlass. Historically, a positive Funding Rate has been associated with bullish sentiment and vice versa.