The Dogecoin price has continued to trend around the $0.19-$0.2 level after encountering significant resistance from the bears at this level. This has caused a suppressed price action over the last week, stopping the meme coin’s advancement in its tracks. However, the outlook still remains bullish for the DOGE price, with crypto analysts expecting the rally to continue soon and the price to double.
Dogecoin Forms Bull Flag Pattern
The Dogecoin performance over the past month has been quite encouraging, and despite hitting a roadblock with its rally, it has continued to show bullish tendencies. The most recent of the bullish moves which the meme coin has pulled is the formation of a bull flag pattern on its chart.
Crypto analyst Trader Tardigrade revealed in an X (formerly Twitter) post that the cryptocurrency’s chart had showed something interesting on the daily chart. According to the analysis, the movements that Dogecoin has made over the last few weeks has led to a bull flag formation on the daily chart.
Now, the main driver of the rally that is supposed to follow this formation is the DOGE price breaking out from the bull flag, which is yet to happen. But as the crypto analyst explains, a breakout from here would send Dogecoin’s price at least 2x higher than its current level.
A successful break above the $0.205 level would confirm this bullish formation. However, DOGE has been unable to achieve this, still trading below $0.2 at the time of writing. This could also be a hard-won battle for the meme coin as Bitcoin’s uncertain moves continue to drag the crypto market down.
When Will DOGE Make This Move?
The month of April is expected to be bullish for the Dogecoin price, and the crypto analyst’s price shows this. The expected timeframe for the bullish breakout is sometime this month, which would put it in the next few weeks. Trader Tardigrade’s target shows an over 100% increase from the current price level, reaching as high as $0.4 in the short term.
This move could be spurred on by the Bitcoin halving happening this month, which is expected to propel bullish sentiment. Expectations for the Bitcoin price are that it will reach $80,000, and this move would no doubt pull up the rest of the crypto market, causing coins like Dogecoin to surge.
At the time of writing, the DOGE price was trending at $0.19, with a 1.61% decrease in the last 24 hours. However, on the weekly time frame, its price is up 14%, coming in second to Toncoin (TON) for the best performer in the top 10.
DOGE bulls struggling to recover | Source: DOGEUSDT on Tradingview.com
Featured image from Token Metrics, chart from Tradingview.com
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