Dogecoin (DOGE) is on the rise again. Analysts are now looking for a second bullish pennant shape on the memecoin’s price chart, signaling another potential breakout that could push the coin toward the $0,90 level.
Indeed, a second bullish peak has appeared on the 2-hour price chart, indicating that the flag portion of the pattern may be nearing completion. Statistically, these patterns signal a continuation of the previous trend, and breakouts often coincide with the previous bullish move.
The market value to realized value (MVRV) ratio supports the optimistic outlook. According to Ali Martinez, the MVRV ratio Dogecoin is 45,65%, which is below the critical level of 78%, which historically marked the peak of the DOGE rally.
The analyst noted that previous price surges have repeatedly ended when the MVRV ratio approached or exceeded 78%. But even at the current value, well below that level, Dogecoin There is significant potential for further growth.
While the long-term trend remains bullish, Martinez noted potential short-term risks. Specifically, the TD Sequential indicator showed sell signals on the 4-hour and 12-hour charts. Dogecoin .
If we evaluate the dynamics Dogecoin in a ten-year ascending price channel, DOGE has already broken through the lower boundary of this channel, which indicates the beginning of a long rally.
Based on the structure of this channel, Dogecoin may head towards the middle boundary at $2,40 or test the upper boundary around $18.
