*DOGE’s bull flag points to new all-time highs*
From a technical perspective, DOGE price action has painted a bull flag pattern on the daily chart, as shown below.
A bull flag is a bullish continuation setup that forms after the price consolidates inside a down-sloping range following a sharp price rally.
The pattern will resolve after the price breaks above the upper trendline of the flag at $0.40 and rises by as much as the previous uptrend’s height. This puts the upper target for DOGE price at $0.87, marking new all-time highs for the memecoin.
DOGE’s daily relative strength index is still in the overbought zone at 77, suggesting that the chances of a major pullback are relatively high.
Therefore, a retreat from $0.38 could see a retest of the flag’s lower trendline at around $0.355. Lower than that, DOGE/USD could move toward the $0.30 psychological level.
*DOGE whales accumulate*
Responding to a slight market correction over the last few days, Dogecoin whales took advantage of the drop to $0.35. Data shows that whale addresses holding between 10 million and 100 million DOGE have increased sharply between Nov. 4 and Nov. 18.
