Dogecoin Price Flashes Bull Flag Pattern On Hourly Chart, Will DOGE Hit $1 Soon?

Another DOGE rally may be imminent after the Dogecoin price flashed a bullish pattern on the hourly chart. This has raised the possibility that it could rally to the psychological $1 price level soon enough.

Dogecoin price analysis reveals a bull flag formation on the hourly chart, indicating a potential breakout to the upside.

Fib levels and technical indicators suggest a rally to psychological $1 price level.

Several crypto analysts predict DOGE price will continue rising, with some expecting it to reach $2 by year-end.

Dogecoin (DOGE) price action is consolidating after a seven-day parabolic rally of over 100%. However, a closer look at the shorter time frame reveals a bull flag formation, hinting at a continuation of the uptrend.

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Another Leg Up Imminent, DOGE Price Eyeing $1

In a TradingView post, crypto analyst Skidad revealed the bull flag formation on the Dogecoin price hourly chart. The analysis also reveals the Fibonacci fan nearing the support zone, indicating a possible breakout to the upside.

DOGE price 1-hour chart. Source: TradingView

This bull flag presents a bullish outlook for the Dogecoin price, which is currently consolidating after its parabolic rally of over 100% in the last seven days. The bullish pattern indicates that the upward trend will continue soon enough once the foremost meme coin is done consolidating for the next leg up.

The analyst’s chart showed that the Dogecoin price could rally to as high as its current all-time high (ATH) at $0.73 on this next leg up. That could pave the way for another rally to the much-anticipated $1 price level.

Crypto analyst Master Kenobi, who correctly predicted the start of the Dogecoin bull run, recently predicted that DOGE could reach this price level by December 2.

DOGE price 1-hour chart. Source: TradingView

DOGE Price Rallying Non-Stop, Could It Hit $2?

In a recent X post, crypto analyst Kevin predicted that the Dogecoin price could rally to as high as $2 by December. However, the analyst opined that DOGE needs to cool off the indicators first and spend a couple of weeks loading up for the next move. He noted that this is all based on strong historical evidence.

The analyst revealed that a one to three-week healthy consolidation period happened multiple times in the 2021 bull run as the Dogecoin price rallied to its current ATH. In line with this, he believes a consolidation period would be the most beneficial for Dogecoin.

The analyst’s first target for the Dogecoin price retracement is the $0.26 to $0.30 range, which he noted is the golden pocket retrace level. That represents a 30% to 40% correction from the local top, which Kevin claimed is a perfect-sized correction in a bull market.

At the time of writing, the Dogecoin price is trading at around $0.37, down over 4% in the last 24 hours, according to data from CoinMarketCap.