Dogecoin Breaks Free from Upward Trend - What is the Target?

An analyst has pointed out how Dogecoin is showing a breakout from the Bull Pennant. Here are the potential targets based on the pattern. Dogecoin has just witnessed a price increase surpassing the Bull Pennant resistance level. In a recent post on X, analyst Ali Martinez discussed a pattern that has formed in the hourly price of Dogecoin recently. The pattern being referred to is the "Bull Pennant," a type of Pennant from technical analysis (TA). A Pennant forms whenever the price of an asset experiences a consolidation between two converging trendlines after a strong move. The initial rapid move is called the 'pole' and the consolidation channel is referred to as the 'pennant.' This arrangement is similar to the Flag patterns, with the main difference between these two models being that the Flag includes parallel consolidation channels, not triangular channels. Like other consolidation patterns in TA, when the price is trapped within the flag section, it is likely to face resistance at the upper level and support at the lower level. The Pennant is often regarded as a continuation pattern, hence the likelihood of a breakout occurring in the same direction as the previous move ( that is, in the same direction as the pole ). When the pole is pointing upwards, the resulting Pennant is called a Bull Pennant. Similarly, when it is in the opposite direction, it forms what is called a Bear Pennant. The following is a chart shared by the analyst showing the Bull Pennant that the price of Dogecoin has likely been trading within recently on the 1-hour timeframe:

As can be seen in the chart above, Dogecoin has experienced a net consolidation in a downward direction within the previous Bull Pennant, but currently, with the latest price surge of this asset, its price has managed to break above the resistance line. So far, memecoins have not made much progress on the road, so it is still unconfirmed whether this is a real breakthrough or not. If it indeed is, and the prevailing pattern here is a Bull Pennant, then there is a possibility that DOGE will witness a price increase on a scale similar to the apex of the pattern. The length of the pole related to this Bull Pennant sets a breakout target of around $0.31. If the memecoin can run to this mark, its price will increase by nearly 30% compared to the current level. Now we still have to wait and see how Dogecoin will develop in the coming days and whether its path will be similar to the path outlined by this model.