Dogecoin (DOGE) Is on the Rise Again, Analysts Eye $0.90 Target as Second Bull Pennant Pattern Forms

Dogecoin (DOGE) is on the rise again. Analysts are now on the lookout for a second bull pennant pattern form, signaling another potential breakout.

Dogecoin (CRYPTO: DOGE) is again on the rise, and analysts are now keeping an eye out for the formation of a second bull pennant pattern, which could signal another breakout, possibly pushing the meme coin to $0.90.

On the 2-hour price chart, analysts are observing the emergence of a second bull peak, 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 has predicted a potential breakout from this pattern, projecting that Dogecoin’s price could rise to $0.90.

The Market Value to Realized Value (MVRV) ratio also lends support to a bullish outlook. According to Ali Martinez, Dogecoin’s MVRV ratio is 45.65%, which is below the crucial level of 78% that has historically marked the peak of DOGE rallies.

Martinez highlights 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.

While the long-term trend remains bullish, Martinez also flags potential short-term risks. The TD Sequential indicator is showing sell signals on Dogecoin’s 4-hour and 12-hour charts, with a similar signal also emerging on the daily chart.

However, analysts point to Dogecoin’s position within a ten-year ascending price channel to indicate its potential. As Martinez notes, DOGE has already breached the lower boundary of this channel, suggesting the start of a prolonged rally.

Based on the structure of this channel, Dogecoin could aim for the middle boundary at $2.40 or test the upper boundary near $18.

As of press time, Dogecoin was trading at $0.3724, representing a 1.61% increase in the past 24 hours and a 32.76% gain over the last seven days. With a trading volume of $8.3 billion and a circulating supply of 150 billion DOGE, its market capitalization currently stands at $54.7 billion.

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