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Dog-themed cryptocurrency Dogecoin (DOGE) might be eyeing a major move, according to crypto analyst Ali @ali_charts, with a potential target of $0.12 on the table.
In separate X posts over the last 24 hours, Ali noted that Dogecoin might be gearing up for a rebound as a bull flag pattern emerges on its chart.
In the most recent X post, Ali indicated that DOGE appears to have confirmed a breakout from a bullish flag on the lower timeframes. This pattern breakout coincides with multiple bullish signals on the higher timeframes.
A bull flag is a continuation pattern that typically forms after a strong upward move. Price then consolidates within a relatively contained downward or sideways channel before potentially breaking higher. According to Ali, Dogecoin's bull flag pattern projects a move toward $0.12, while also aligning with multiple bullish signals developing on the higher timeframes.
Dogecoin to erase zero?
At the time of writing, Dogecoin was up 5.30% in the last 24 hours to $0.087 amid a broader market rebound, which has pushed Bitcoin above $81,000. Softer rate expectations have helped send buyers into risk assets across the board, causing a rebound in prices.
Dogecoin's price rebound also coincided with positive fundamental and technical signals.
Ali indicated in his post that the Tom DeMark Sequential has flashed a buy signal on the daily chart, suggesting the correction may be ending, and DOGE could be preparing to resume its uptrend.
Dogecoin also appears to have formed a morning doji star, a bullish reversal pattern that typically appears near the end of a downtrend, on the daily chart, suggesting that selling momentum may be decreasing as buyers step in.
Large holders or whales appear to be buying the dip, with over 400 million DOGE bought in 5 days, contributing to meaningful buying pressure at current price levels.
According to Ali, the recent accumulation has reinforced a major on-chain support level for Dogecoin, which lies near $0.0813, where almost 35 billion DOGE were previously traded. As long as the $0.0813 level holds, Dogecoin's bullish setup remains intact, with $0.1552 and $0.1774 as potential upside targets. The $0.0813 support level remains the one to watch for Dogecoin.
Dan Burgin
U.Today Editorial Team
