The Dogecoin price is showing signs of a rally following a confirmed bullish pennant breakout. This interesting breakout was highlighted by crypto analyst World of Charts, with the prospect of a Dogecoin price surge past the $1 mark now in view.

Bullish Pennant Breakout Sets The Stage For Strong Upward Price Action

The Dogecoin price action in the past six weeks has been characterized by a choppy movement and consolidation below the $0.5 price level. This choppy movement, which initially remained above $0.4, lost its footing above this level and eventually dragged on the movement between $0.3 and $0.4. 

Notably, the consolidation movement has given rise to an interesting price formation on the Dogecoin price chart. This formation is composed of lower highs and higher lows, leading to the creation of a bullish pennant on the 8-hour candlestick timeframe chart. A bullish pennant is a continuation pattern that often signals a strong upward price movement following a consolidation period.

According to crypto analyst World Of Charts, who shared his technical analysis of Dogecoin’s price action on social media platform X, the meme coin seems to have now broken above the upper trendline of the bullish pennant. Recent inflows into the crypto market have seen Dogecoin bounce from the lower trendline of the bullish pennant.

This triggered a climb upwards to reach the upper trendline, break out of the upper trendline, retest this upper trendline, and bounce off again to confirm the breakout. As noted by the analyst, the breakout confirmation now paves the way for Dogecoin to experience another significant bullish wave.