Dogecoin (Doge) is expected to increase prices after creating a bullish Gargannan cuisine pattern

Prices may rise to a new height after the bull market flag formed in Dogecoin’s four-hour time frame. This popular meme cryptocurrency currently costs $0.2316.

Dogecoin (cryptocurrency: Doge) is expected to rise after it forms a bull market flag in its four-hour timeframe. The current price of meme cryptocurrency is $0.2316, sparking heated discussions among traders, and recent price volatility is eye-catching. According to the data, Dogecoin's growth rate reached 42.86% in the past month, and despite a 0.57% decline in the past 24 hours, it has increased by 38.96% last week.

Bull market flag is about to break through to $0.37

On Dogecoin's four-hour chart, a bull market flag has been formed, and this pattern may herald a price increase. This technical structure includes a sharp rise in prices, followed by a stable period before the breakthrough. The trend shows a target of $0.37, which will significantly increase over the current price. After the initial rise or “flag pole”, a closer trading range formed the “flag” part of the pennant. If the breakthrough is successful, Dogecoin may rise rapidly to this price level.

The development of this pattern is consistent with past trends, in which case the structure triggers a strong bullish impulse. Dogecoin's recent price movements, such as the re-evaluation of retests, occur simultaneously with the opportunity for this uptrend. However, cryptocurrencies need to maintain momentum to reach their $0.37 target, as failure to break through could lead to a price pullback.

Key resistance and support levels

Dogecoin shows strong support near its current price, an important area of ​​resistance. This development is prepared for retesting the level and setting it as a new support zone. If Dogecoin can maintain this support, the asset's next important target could be $0.27, laying the foundation for a sustained rise. The cryptocurrency recovered nearly 50% in less than a month due to reduced trading volume and retesting of key support areas.

The first sign that Dogecoin has recovered its previous resistance, i.e., seeing support on the daily chart. Continuous movement above the area may mark a bullish trend with prices moving towards $0.27 and above. The current weekly breakouts above scheduled highs also add to this positive sentiment. However, a decline below new support may slow down the expected bullish breakout, causing Dogecoin to fall to a lower level.

Dogecoin currently has a market capitalization of approximately $34.86 billion, with trading volumes over the past 24 hours of the year being $3.89 billion. According to data provided by TradingView, cryptocurrencies grew at 63.46% last year, although it has been fluctuating in the short term.

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