An analyst pointed out that Dogecoin is showing signs of breaking out of the bullish triangle flag pattern. According to the pattern, the target price may be located here.
Dogecoin has just broken through the bullish triangle flag resistance level.
In a recent article published on Platform X, crypto analyst Ali Martinez pointed out that Dogecoin (DOGE) has formed a typical 'bullish triangle flag' pattern on the hourly chart.
This pattern is a common consolidation pattern in technical analysis, usually appearing after a strong upward movement. The price consolidates horizontally between two gradually converging trend lines, forming a triangle-like structure. The previous rapid rise is referred to as the 'flagpole,' while the consolidation area is called the 'triangle flag.'
The bullish triangle flag is similar to the flag pattern, with the difference being that the flag pattern's consolidation area is typically a parallel channel, while the triangle flag is a converging triangle. Both belong to trend continuation patterns, meaning that once a breakout occurs, it is likely to continue in the previous direction of the trend.
When the flagpole rises, and the triangle flag consolidates before breaking upward again, it constitutes a 'bullish triangle flag'—which is often seen as a strong bullish signal. Conversely, if the flagpole is downward, it may indicate a 'bearish triangle flag.'
Now, here is the chart shared by the analyst, showing that Dogecoin's price may have recently traded within the bullish triangle flag on the 1-hour chart:
From the chart, Dogecoin previously experienced a period of pullback consolidation within the bullish triangle flag, but the recent rebound has pushed the price above the upper resistance line.
Currently, the breakout has just occurred, and the increase has not yet significantly widened, so it still needs to be observed whether this will evolve into a valid breakout. If this pattern holds, DOGE is expected to experience an upward movement equivalent to the previous flagpole height, with a potential target price of around $0.31, representing an increase of nearly 30% from the current price.
However, whether the trend follows the technical path will depend on the follow-up momentum and market reaction in the coming days.
DOGE Price
At the time of writing, Dogecoin's trading price is approximately $0.239, having risen about 6% over the past week.
