Dogecoin (DOGE) Price is Poised to Rally as Bullish Pennant Breakout Gets Confirmed

World of Charts recently highlighted a bullish pennant breakout in Dogecoin's price chart, suggesting a strong upward price movement.

After consolidating below $0.5 for six weeks, Dogecoin's price action has formed a bullish pennant on the 8-hour candlestick timeframe chart. This continuation pattern signals a strong upward price movement following a consolidation period.

World Of Charts shared his technical analysis on social media, noting that Dogecoin has broken above the upper trendline of the bullish pennant. Recent inflows into the crypto market have seen Dogecoin bouncing from the lower trendline, climbing to the upper trendline, breaking out, retesting this upper trendline, and bouncing off again to confirm the breakout.

This breakout confirmation now paves the way for Dogecoin to experience another significant bullish wave, as noted by the analyst.

Given the bullish nature of the bullish pennant formation, the next step from here after the upward breakout would be another significant rally. This could finally be the much-anticipated opportunity needed for Dogecoin to move towards the $1 mark.

A price target projection from World of Charts puts the price breakout moving towards its current all-time high of around $0.73 in the next few days. “Expecting Another Strong Bullish Wave In Coming Days In Dogecoin,” the analyst noted.

Such a quick, strong bullish wave to its all-time high would continue to cascade into a continued move upwards, provided the positive sentiment remains strong and there is minimal profit-taking. This, in turn, could lead to a final move above $1, which has been a long-standing goal for Dogecoin’s community of meme coins.

The first step to reaching $1 would be to reclaim $0.4 and $0.5. At the time of writing, Dogecoin is trading at $0.3877 and is up by 3% in the past 24 hours. Notably, Dogecoin is up by 17% in the past seven days as the bulls now look to return it back above the $0.4 threshold.