Recent movements of the Dogecoin price have seen the meme cryptocurrency breaking to the upside of a bull flag pattern. This bull flag pattern took shape during a consolidation that began after the Dogecoin price reached a new yearly high on November 12. 

Interestingly, Dogecoin price action over the weekend has seen an upward breakout of the bull flag to peak at $0.4759 and then an immediate retest. Technical analysis of the Dogecoin price suggests that this breakout/retest movement could lead to a breakout to $1.2 within the next 10 to 15 days.

Technical Formation Says Dogecoin Price To $1.2 In 10-15 Days

Many crypto participants are watching the Dogecoin price to see how it plays out in the next few days. According to a technical analysis by a crypto analyst called CryptoManiac101 on the TradingView platform, the current price pattern is pointing to a $1.2 price target in the next 10 to 15 days.

CryptoManiac101 noted that the Dogecoin price had broken out of the bull pennant but is currently retesting the breakout level, which is a critical area to watch for further price movement. The analyst emphasized the importance of this retest, calling it a “key area to be on the lookout for,” given its potential to either validate or invalidate the pattern.

Statistical analysis of bull pennants reveals a 70% probability of price continuation following a breakout. However, CryptoManiac101 suggested that this probability might be even higher in the current market environment, as there is a reigning idea of what many are describing as an altcoin bull market. Keeping this in mind, there is a higher probability that the Dogecoin could soon see sharp price movements upward.<

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Author: Scott Matherson