• Dogecoin price is at the end of consolidation in a bullish pennant pattern.
  • A decisive close above the pennant at $0.061 suggests a 90% upswing.
  • The Tom DeMark (TD) Sequential indicator's sell signal could potentially delay or even invalidate DOGE's bullish outlook.

Dogecoin price has moved towards the far-end of a consolidation phase, hinting at a volatile uptrend shortly.

Dogecoin price on the verge of a higher high

Dogecoin price has been forming a series of lower highs, and higher lows since its 1120% upswing ended on January 29. While the initial upswing can be considered a "flag pole," the consolidation that followed this is known as "pennant." So, DOGE has been forming a bullish pennant pattern since January 29.

This technical formation is a continuation pattern and projects a continuation of the previous price trend. Therefore, the setup hints at a 90% upswing, which is the flag pole's height, added to the breakout point at $0.061. This target places DOGE at $0.11.

Adding credence to this bullish scenario is the SuperTrend indicator that flashed a buy signal on March 8.

Regardless of the bullish outlook, investors need to note that the TD Sequential indicator has printed a sell signal in the form of a green nine candlestick on the 12-hour chart. This setup forecasts a one-to-four candlestick correction, so there could be a delay in an upswing for Dogecoin price.

DOGE/USDT 12-hour chart

DOGE/USDT 12-hour chart

Due to an unforeseen spike in selling pressure, if Dogecoin price slices through the pennant formation's lower trendline at $0.055, it would invalidate the bullish pennant formation. In such a case. DOGE could be expected to correct to $0.051 as it trends lower.

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.

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