Crypto analyst Kevin (@Kev_Capital_TA) has identified a bullish pennant formation in the 4-hour Dogecoin/USD price chart, suggesting a significant price movement could occur by Saturday. He highlights multiple touch points and consolidation time, implying the potential for a price breakout.
This bull pennant pattern signals a pause in an uptrend, followed by potential continuation. It involves converging trend lines around $0.38, indicating lower volatility and consolidation. Kevin suggests this breakout might happen "by Saturday at the latest."
A breakout occurs when prices break the trend lines, signaling trend continuation or reversal. With bullish momentum, an upward breakout is anticipated. Kevin notes market unpredictability, stating potential for movement "up or down." Resistance is seen at $0.54, support at $0.33 and $0.2950, crucial for price falls.
The stochastic RSI is an important momentum indicator, with Dogecoin's daily RSI nearly reset, indicating reduced overbought conditions. Kevin believes this reset could set up the next significant price move. He emphasizes that longer consolidation might lead to a significant price rise, marking the DOGE bull run's biggest leg. At press time, Dogecoin traded at $0.39.
