The Dogecoin price has recently been consolidating below the $0.45 mark, forming part of a bullish pennant pattern. This pattern is noteworthy as it indicates a potential upward movement, according to technical analysis by analyst KrissPax. The pennant is seen as a springboard to propel Dogecoin's price toward $1.30.
Since reaching $0.47 on November 23, Dogecoin has been trading within a range underscored by a support level around $0.37. Analyst KrissPax interprets the price action and consolidation as constructive, forming a foundation for further growth beyond historical highs.
The $1.30 target is derived from the bullish pennant's typical behavior of signaling trend continuation after consolidation. Continued market optimism and increased activity on the Dogecoin blockchain, particularly among large holders, bolster the positive outlook.
Data shows significant whale accumulation, with an additional 160 million $DOGE tokens acquired by large holders. This increase in demand could drive Dogecoin's price towards surpassing its previous all-time high, supporting analyst predictions of sustained price growth.
