Could Dogecoin’s Second Bull Flag Trigger a Breakout to $0.90?
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Dogecoin forms a second bull pennant, signaling a potential breakout towards $0.90. MVRV ratio at 45.65% indicates DOGE has room for growth before reaching overbought levels. Analysts note possible short-term correction, but long-term trend remains bullish. Dogecoin (DOGE) is on the rise again. Analysts are now on the lookout for a second bull pennant pattern form, signaling another potential breakout. This could push the meme coin to $0.90. #Dogecoin next stop: $0.9 🚀$DOGE is forming another Bull Pennant. The previous pennant brought $doge from <$0.2 to $0.3 while the current one is aiming at $0.9 pic.twitter.com/kAotib7dPJ — Trader Tardigrade (@TATrader_Alan) November 15, 2024 Analysts note that the second bull peak has emerged on the 2-hour price chart, indicating that the flag portion of the pattern may be nearing completion. Historically, these patterns signal a continuation of the preceding trend, with breakouts often aligning with the prior bullish movement. Crypto analyst Trader Tardigrade predicted a potential breakout from this pattern, projecting Dogecoin’s price could rise to $0.90. MVRV Ratio Suggests Room for Growth The Market Value to Realized Value (MVRV) ratio supports a bullish outlook. According to Ali Martinez, Dogecoin’s MVRV ratio is 45.65%, below the crucial level of 78%, which has historically marked the peak of DOGE rallies. Source: X Martinez highlighted that previous price surges have repeatedly ended when the MVRV ratio approached or exceeded 78%. With the current reading well below that level, Dogecoin appears to have substantial room for further growth. Short-Term Correction Expected Before Rally Continues While the long-term trend remains bullish, Martinez also flagged potential short-term risks. The TD Sequential indicator has shown sell signals on Dogecoin’s 4-hour and 12-hour charts, with a similar signal emerging on the daily chart. Read also: Dogecoin Breaks Out in November 2024, Eyes $0.40 Resistance However, analysts point to…
Filed under: News - @ November 18, 2024 4:19 pm