Dogecoin Price Prediction: DOGE Forms Bull Flag Pattern, Targeting $0.9 as Whales Accumulate

The latest Dogecoin rally has positioned the meme coin among the top gainers, with analysts pointing to further upside amid a bull flag formation.

Dogecoin (CRYPTO: DOGE) has seen a strong rally in recent days, outperforming most other cryptocurrencies and major stock indices.

The meme coin, which began the year trading at around $0.004, surged to a three-year high of $0.4389 on Friday.

Dogecoin’s latest surge was sparked by a social media campaign and a listing on eToro, which drove a wave of buying interest in the cryptocurrency.

However, Dogecoin’s rally stalled on Monday as the cryptocurrency dropped and entered another consolidation phase. Despite the pullback, some analysts remain bullish on Dogecoin, pointing to a technical formation that suggests further upside.

One market expert, Trader Tardigrade, recently shared an analysis pointing to $0.90 as Dogecoin’s next target, citing the formation of a second bull pennant pattern on the 2-hour price chart.

Here's a closer look at the technical formation and how it could play out in the coming days.

The First Dogecoin Bull Pennant

The first bullish pennant formed between Nov. 5 and 7. This pattern began with an initial surge from $0.1677 to $0.2187, coinciding with market optimism following a significant geopolitical event—the victory of Donald Trump in the U.S. elections. This rally created the flagpole of the first pennant.

Shortly after reaching the $0.2187 peak, Dogecoin faced a pullback, dropping to $0.1857 as profit-taking ensued. However, the asset entered a phase of consolidation, during which prices stabilized within a narrowing range, forming the flag portion of the pattern.

When Dogecoin broke above this pennant’s upper resistance on Nov. 7, the move ignited a massive rally. Over the next five days, the price soared to a three-year high of $0.4389 by Nov. 12, marking a staggering 139% increase from a $0.1857 low on Nov. 7.

Dogecoin Forms the Second Bull Pennant

Following the rally to $0.4389, Dogecoin dropped and entered another consolidation phase. The latest price action mirrors the first bull pennant structure, with the recent surge forming a second flagpole. This rise, which pushed DOGE from $0.3 to $0.4389, set the stage for the ongoing consolidation.

Currently, Dogecoin’s price is moving within a tightening range, indicating that the flag portion of the second pennant is nearing completion.

Market watchers often interpret such patterns as signals of continuation, where the breakout direction aligns with the preceding bullish trend. In this case, the breakout from the first pennant led to a strong rally, and a breakout from the second pennant would be expected to continue this bullish price action.

Trader Tardigrade anticipates that this second pennant will soon lead to another breakout. If the formation plays out as expected, Dogecoin’s price could potentially skyrocket to $0.9. This projected move represents a 139% gain from its current level,

similar to the magnitude of the first pennant's breakout.

At press time, Dogecoin trades at $0.3752. One factor that could support the potential push toward the $0.9 level is a renewal of whale accumulation. The Crypto Basic confirmed yesterday that DOGE whales recently procured 160 million tokens in 24 hours.