DOGE consolidates in a pennant pattern, signaling potential continuation of its bullish trend after a 7.28% price surge.
RSI stabilizes below overbought levels, while EMAs reinforce support, suggesting potential for further DOGE upward movement.
DOGE faces resistance at $0.46580; a breakout could target $0.84, with $0.40–$0.42 serving as a critical bullish test.
According to crypto analyst MikybullCrypto, Dogecoin (DOGE) could be up for another rally. The breakout from a bull flag pattern suggests upward momentum, an occurrence rarely failing in bullish markets. DOGE’s price movement, indicators, and key levels all hint at the potential for notable gains.
Breaking Down DOGE’s Bullish Momentum
At press time,DOGE was trading at $0.38965, up by 7.21% in the past 24 hours. Following DOGE’s recent price surge, it has entered a consolidation phase, forming a pennant pattern defined by converging trendlines.
Source: MikybullCrypto
Notably, pennant patterns typically indicate a continuation of the prior trend, suggesting that DOGE may resume its steady upward movement once consolidation ends. The volume saw a significant spike during the initial rally, but levels decreased during the consolidation, aligning with typical pennant behavior.
Indicators Point to Building Momentum
The Relative Strength Index (RSI) is key to evaluating DOGE’s potential next move. During the recent price rally to $0.46580, the RSI entered the overbought zone, aligning with the peak. However, it has since stabilized below overbought levels, indicating room for further upward movement.
Source: BingX
Exponential Moving Averages (EMAs) also support the bullish outlook. The 50 EMA, at $0.35268, currently sits above the 200 EMA at $0.24544, confirming a previous bullish crossover. These EMAs act as dynamic support levels, reinforcing upward momentum.
Key Levels and Scenarios to Monitor
DOGE faces immediate resistance at $0.46580, a break of which could lead to further gains, potentially reaching $0.84 based on the pennant’s measured move. However, failure to break resistance could result in a pullback to the $0.30–$0.33 range.
Currently the $0.40–$0.42 price range serves as a critical test for bullish momentum. If DOGE clears this range with volume confirmation, the market could see further movement toward $0.45 and beyond. Maintaining support at the 50 EMA will be essential to sustain the bullish trend.
