Analyst sees bullish pattern in Dogecoin price towards $115

Dogecoin may be in a bullish flag pattern on the hourly chart. That is according to technical analyst alicharts, who sees a possible rise of around 30% based on the pattern if the price manages to break through a crucial resistance zone. Dogecoin is currently at $0.09, down 1.5% in the past 24 hours.

At a glance:

• Analyst alicharts sees a bullish flag pattern on Dogecoin’s hourly chart.
• A closing price above $90 could herald a breakout towards $115.
• A pullback to $81 remains possible as long as the resistance has not been broken.

Bullish flag on the hourly chart

According to alicharts, Dogecoin is forming a so-called bullish flag on the hourly chart, a pattern in which a strong upward move is followed by a controlled consolidation phase. This suggests a possible resumption of the uptrend, although that is no guarantee.

The analyst points out that the pattern still leaves room for a pullback towards the support level of $81 before any breakout occurs.

$90 is the level to watch

The most important level to keep an eye on is $90. If Dogecoin closes above that resistance on the hourly chart, alicharts expects a possible move higher to $115. That represents a potential gain of around 30% from the current price.

This concerns an analyst’s expectation based on technical analysis. Whether the price actually moves in that direction depends on how the market responds to the key level around $90.