Dogecoin Price Set To Skyrocket By Saturday, Warns Crypto Analyst

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	56,874,163,768	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

56,874,163,768

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00297	0.77%	0.39035	0.39017	0.39022

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00297

0.77%

0.39035

0.39017

0.39022

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.39434	0.38002	0.38493	0.38738	0.074194 - 0.480780

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.39434

0.38002

0.38493

0.38738

0.074194 - 0.480780

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:06:20	3.60	0.39031	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:06:20

3.60

0.39031

USD

Price x Volume	Volume	Base Symbol	Related Pairs
59,857,566.31	153,986,990.21	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

59,857,566.31

153,986,990.21

Dogecoin Price Set To Skyrocket By Saturday, Warns Crypto Analyst

22/11/2024 6:30pm

NEWSBTC

Crypto analyst Kevin (@Kev_Capital_TA) has identified a bullish pennant formation in the 4-hour Dogecoin / USD price chart, indicating that a significant price movement could occur by this coming Saturday. In a post on X, Kevin remarks: “Dogecoin is now forming a more defined potential bullish pennant that has multiple touch points on each side with plenty of consolidation time. Something to keep an eye on folks.” Dogecoin Price Breakout By Saturday? The chart shared by Kevin illustrates a bull pennant pattern. A bull pennant typically signifies a pause in a prevailing uptrend, followed by a potential continuation of that trend. This pattern is characterized by converging trend lines that encapsulate a period of price consolidation after a strong upward movement. In Dogecoin’s case, the pennant is delineated by converging yellow trend lines, indicating decreasing volatility and a consolidation phase. The memecoin is trading around $0.38 within this pennant structure. Kevin’s analysis suggests that this critical breakout could happen “by Saturday at the latest.” Related Reading: Dogecoin Forms A ‘Nasty Triple Top’: Analyst Reveals What’s Next In technical analysis terms, a breakout occurs when the price moves beyond the defined trend lines of a formation, signaling a potential continuation or reversal of the trend. Given the bullish momentum preceding the pennant formation, an upward breakout is often anticipated. However, Kevin maintains a cautious stance by acknowledging market unpredictability: “Up or down,” he notes. The chart also highlights several horizontal lines representing key support and resistance levels. The upper resistance is identified around $0.54, which could be tested if an upward breakout occurs. Conversely, immediate support levels are situated around $0.33 and $0.2950, which would be critical if the price breaks downward. Related Reading: Analyst Confirms Dogecoin Price Test Of 0.786 Fibonacci Level, What Happens Next? Kevin also emphasizes the role of the stochastic Relative Strength Index (RSI) in the daily chart. He states: “The stochastic RSI is a phenomenal momentum indicator in strong trends in either direction. The daily RSI is almost reset for Dogecoin and probably needs another week give or take a few days to fully reset. Once it does, I expect the next leg to begin.” The stochastic RSI is a technical momentum indicator that compares the level of the RSI to its high-low range over a set period, providing insights into potential overbought or oversold conditions. A reset in the daily RSI suggests that previous overbought conditions have eased, potentially paving the way for the next significant price movement. Further emphasizing the potential impact of the current consolidation phase, Kevin adds: “The longer Dogecoin consolidates, the bigger the next leg will be. In my opinion, the next leg will be the biggest leg of the DOGE bull run and will give us a good idea where it’s going to top out at for the cycle.” At press time, DOGE traded at $0.39. Featured image created with DALL.E, chart from TradingView.com

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DOGEUSD Dogecoin