DOGE ready to double again? Expert: Bull flag pattern has appeared, next challenge is 'this point'

DOGE ready to surge 2 times again?

When it comes to the recent market rebound, in addition to the impressive performance of BTC ($BTC) repeatedly breaking new highs, the most eye-catching currency is undoubtedly the meme coin king - DOGE ($DOGE).

According to CoinGecko's data, DOGE has risen 24% in the past 7 days and 157% in the past 30 days, surpassing most mainstream currencies including Ethereum ($ETH), making it one of the best-performing assets in November.

Image source: CoinGecko $DOGE price chart

However, the strong performance of DOGE ($DOGE) is not only not over, it may even be "just beginning"? Market experts pointed out that DOGE is in a critical stage of forming the Bull Market flag recently, and the next step may challenge the $0.9 mark, and the increase is expected to double again.

What is the flag pattern of the bull market? Can DOGE still rise?

Bull Flag is a technical analysis pattern that usually occurs after a strong price rise, entering a short period of consolidation. During the consolidation period, a 'flag structure' is formed with narrower Fluctuation space as it moves further to the right. If it breaks above the flag structure again, it can continue to be bullish.

According to the analysis of the well-known trader Tardigrade, the current trend of DOGE ($DOGE) is in line with the typical flag pattern of a bull market. He provided a 2-hour chart of DOGE, from which it can be seen that DOGE has been fluctuating steadily between $0.36 and $0.45, gradually forming the second flag.

Image source: X Tardigrade prediction

Looking back at the beginning of November, the first bull flag that pushed DOGE to surge formed between November 5th and 7th this year. At that time, market sentiment was high, and DOGE soared to a high of $0.2187 before experiencing a temporary pullback to $0.1857 due to profit-taking.

As the Fluctuation of the pullback gradually narrows, the flag pattern formed during this period was successfully broken on November 7th, and then DOGE started a significant upward trend, surging 139% within five days and reaching a 3-year high of $0.4389 on November 12th.

The next challenge is "this point"

According to Crypto Basic data, DOGE Whale (Large Investors) bought 160 million Tokens in the past 24 hours, indicating that the market's confidence in DOGE remains high despite the large-scale buying at a high level.

Therefore, Tardigrade predicts that DOGE ($DOGE) is likely to break through the upper resistance of the second flag after the Fluctuation narrows, and if successful, it is expected to reproduce a surge of over 139%, driving the price to soar to $0.9, breaking through the historical high of $0.7316 in 2021 (more than 3 years ago), setting a new all-time high (ATH).

However, Tardigrade also reminds that the flag pattern is actually a double-edged sword. If it breaks above, we may see a big pump, but if it falls below the flag pattern, we are likely to see a pullback in the short term. Despite the technical pattern and the actions of large investors supporting the bullish argument, investors still need to be cautious.

[Disclaimer] The market is risky, and investment needs to be cautious. Analyst views are for reference only, and users should refer to more diverse indicators to determine whether to invest, and consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.

"DOGE is ready to surge again? Expert: Bullish flag pattern has appeared, next challenge is 'this point'. This article was first published in 'encryption city'.