- Dogecoin price breaks out of a bull flag pattern after surging 20%.
- DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055.
- A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.
Dogecoin price has been lull ever since the local top on February 7. However, a 20% surge due to Elon Musk’s recent endorsement has led to a breakout from a bull flag pattern. Now, the meme coin could surge 75% to record levels soon.
Dogecoin price poised for a leg up
Dogecoin price attempted to breach its all-time high as it surged 300% between January 30 and February 7. This bull rally formed the “flag pole,” a basis for the bull flag pattern. The consolidation that followed the explosive rally resulted in a “flag.”
This technical formation projects a 75% surge, determined by adding the flag pole’s length to the breakout point at $0.055 or the 50% Fibonacci retracement level. This target puts DOGE at $0.095.
Dogecoin price breached this resistance barrier on February 24, 12:00 UTC. Since then, DOGE is hugging closely to this line, building up bullish momentum for the next rally.
DOGE/USDT 4-hour chart
Adding credence to DOGE’s bullish thesis is the SuperTrend and the Parabolic SAR indicator, both of which have flashed a buy signal on February 24.
DOGE/USDT 4-hour chart
While everything seems to be bullish, Dogecoin price needs to hold the support at $0.055. A failure to do so will result in a 15% pullback to $0.047 or the 38.2% Fibonacci retracement level.
A further spike in selling pressure could extend the downswing by 20% to $0.037.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple Price Prediction: Whale accumulation sparks hope as rising exchange reserves signal caution
XRP sustains mid-week recovery as XRP/BTC flashes golden cross for the first time since 2017. Large volume holders increase XRP exposure, indicating rising demand and investor confidence.
Pi Network Price Forecast: PI eyes $0.66 as whale activity surges
Pi Network (PI) declines by nearly 4% on Friday, trading at $0.79 at press time. The technical outlook suggests a downward move ahead as the short-term recovery concludes with a trendline breakdown.
Bitcoin Weekly Forecast: BTC enters full price-discovery mode after seven straight weeks of gains
Bitcoin price stabilizes around $111,000 on Friday after reaching a new all-time high of $111,900 this week. Corporate accumulation, institutional demand, signs of easing regulations and fiscal woes in the US have fueled BTC’s rally.
Jupiter Price Forecast: JUP eyes $0.82 as Fluid backs Jupiter's upcoming lending protocol
Jupiter exchanges announced the upcoming launch of Jupiter Lend, powered by Fluid, on Solana this summer. With the announcement of Jupiter Lend, the JUP token surged 16% in the last 24 hours.
Bitcoin: BTC enters full price-discovery mode after seven straight weeks of gains
Bitcoin (BTC) price stabilizes near $111,000 on Friday after reaching a new all-time high of $111,900 this week. BTC enters an uncharted territory as a perfect storm of corporate accumulation, institutional demand, signs of easing regulation and increasing concerns among investors about debt sustainability in the United States (US) have fueled bullish momentum.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.