As the chart pattern points to $0.27 to $0.295 and traders track the golden cross signal, Dogecoin has risen 22% within a week.

Bull flag breakout on the 4-hour chart

Dogecoin (DOGE) has risen 22% over the past week and 7.5% in the last 24 hours, trading at $0.24. Daily trading volume reached $3.45 billion. Analyst trader Tardigrade stated that a bull flag breakout has formed on the 4-hour chart, with a target price of $0.295.

It is worth noting that this pattern started with a rise from $0.20 to $0.24, forming a flagpole, followed by a brief downward-sloping consolidation period.

The current price has broken through the upper channel, suggesting from a technical perspective that the previous upward momentum will continue. Support levels are around $0.23 and $0.22, while resistance is at $0.25.

Analyst sets a recent target price of $0.27

Analyst Ali Martinez pointed out a similar situation on the hourly chart and stated, 'The next target for Dogecoin will be $0.27.' His chart shows that the price is moving out of a downward channel after bouncing from the 0.618 Fibonacci retracement level around $0.23.

Meanwhile, according to Fibonacci extension lines, the potential target for the breakout is between $0.25 and $0.28. Martinez's prediction indicates that if the price stays above the breakout level, it could maintain an upward trend towards $0.27.

Golden cross appears in the daily timeframe

Additionally, the DOGE/USD daily chart shows that the 50-day simple moving average has crossed above the 200-day simple moving average. This 'golden cross' occurred after a period of range-bound trading.

Trader Tardigrade noted that the last cross occurred at the end of 2023, followed by a significant rebound. Currently, the cross level around $0.20 has become a support level for the market.

Whales entering, speculation receding

Coinglass data shows that the value of Dogecoin futures open contracts is $3.5 billion, rising 8% in 24 hours. The value of open option contracts increased by 37% to $3.1 million; option trading volume rose by 80% to $932.4 million.

According to CryptoPotato, large wallets have purchased over 1 billion Dogecoins worth about $200 million in recent trading days. These holdings currently account for nearly half of the circulating supply, which resonates with the overall bullish sentiment in the cryptocurrency market.

In fact, the price increase has quelled discussions about a stagnation in momentum before the SEC makes a decision on the DOGE ETF, shifting the focus back to trading activity.