Will It Reach $0.1718 Soon?

Key Insights:

• DOGE breaks out of the bull pennant, targeting $0.1718 with strong momentum and technical signals.
• Increased volume supports DOGE’s breakout, suggesting sustained upward momentum and further potential gains.
• MACD indicators show growing bullish momentum, reinforcing DOGE’s potential for continued price increases.

Dogecoin is experiencing a notable surge after breaking out of a bull pennant pattern. Traders are closely watching the cryptocurrency’s movements, with some projecting a target price of $0.1718. This technical breakout could signal more gains for Dogecoin in the near future.

DOGE’s Bull Pennant Breakout

The latest price action for Dogecoin suggests it is making significant gains. DOGE has recently broken above the upper boundary of a bull pennant pattern, a bullish technical formation. This breakout has drawn attention from traders and analysts, with some predicting that the cryptocurrency could target $0.1718. 

Trader Tardigrade, highlighted the breakout, noting that the price target from this pattern points to $0.1718.In a post, Trader Tardigrade mentioned, “$Doge is breaking out of a Bull Pennant, setting the target at $0.1718.” 

This statement suggests that the price could continue to rise if it maintains the momentum from this breakout. A bull pennant is typically seen as a continuation pattern, suggesting that Dogecoin could see further upward movement if the breakout holds.

Increased Buying Pressure and Volume

Along with the breakout, the volume behind Dogecoin’s price movement is also drawing attention. Butterfly, cryptocurrency analyst, pointed out that DOGE is breaking through resistance on the 2-day chart.

This breakout is accompanied by a notable spike in volume, which often signals that the move is supported by strong buying pressure. Butterfly noted, “The volume spike confirms this breakout is legitimate bulls are dominating price action.” 

The increased volume indicates that more investors are entering the market, contributing to the upward momentum. If buying pressure continues, DOGE could see rapid gains as it pushes toward new highs.

MACD Indicators Show Bullish Momentum

Meanwhile, According to Trader Tardigrade, the Dogecoin’s daily chart MACD histogram is showing increasing momentum in the upward direction. This suggests that the current uptrend may have the strength to continue. 

At the time of writing, the live Dogecoin price stands at $0.151341, reflecting an 8.24% increase in the last 24 hours. With growing momentum and positive technical indicators, the cryptocurrency appears poised for further price action. However, traders will need to monitor the market closely to see if the price continues to rise towards the $0.1718 target.