Dogecoin Price Breaks Out of Bullish Pennant Formation, Eyes $1 Mark in Coming Days

The Dogecoin price is on the rise as it shows signs of a rally following a confirmed bullish pennant breakout. This breakout, highlighted by crypto analyst World of Charts, has sparked optimism among investors, with the possibility of Dogecoin surging past the $1 mark now in view.

Over the past six weeks, Dogecoin’s price action has been characterized by choppy movement and consolidation below the $0.5 price level. This consolidation phase has led to the formation of a bullish pennant on the 8-hour candlestick timeframe chart, signaling a potential strong upward price movement.

According to World of Charts, Dogecoin has broken above the upper trendline of the bullish pennant, confirming the breakout. Recent inflows into the crypto market have seen Dogecoin bounce from the lower trendline, climb upwards to reach the upper trendline, break out, retest the upper trendline, and confirm the breakout.

With the bullish nature of the bullish pennant formation, analysts are now looking towards another significant rally for Dogecoin. World of Charts projects a price breakout moving towards its current all-time high of around $0.73 in the next few days, with the potential for a move above $1 in the near future.

Reclaiming the $0.4 and $0.5 levels will be the first step towards reaching the $1 mark for Dogecoin. At the time of writing, Dogecoin is trading at $0.3877, up by 3% in the past 24 hours and 17% in the past seven days as bulls aim to push it back above the $0.4 threshold.

The positive sentiment surrounding Dogecoin and minimal profit-taking could pave the way for a continued upward movement, ultimately leading to a breakthrough above $1. The community of meme coins has long awaited this milestone, and with the current bullish momentum, it may finally become a reality in the coming days.