Dogecoin Price Prediction: Flag Pattern Hints Last Pullback Before Hitting $0.12 – CoinGape

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Published December 20, 2023
Dogecoin Price Prediction: Amid the current uncertainty in the crypto market, the largest meme cryptocurrency Dogecoin witnessed a sharp correction from the $0.106. In the last two weeks, the coin price has plunged 14% to reach the current trading price of $0.091. However, this retracement came after a seven-month rally, indicating the buyers are more likely to take a breather before the next leap. Should you buy this dip?
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Also Read: Dogecoin Price Rallies Despite Whales Moving 657 Mln DOGE to Coinbase & Robinhood
Amid the current correction phase, the Dogecoin price behavior has been confined between two parallel walking trendlines, indicating the formation of a flag pattern. This chart pattern indicates the current correction phase is temporary and is meant to stabilize price behavior before the next leap.
Moreover, the coin price wavering above the 38.25% Fibonacci retracement tool indicates the current correction is healthy and buyers’ strength is intact. Thus, the traders bullish on Dogecoin must wait for a breakout from the flag upper trendline.
The post-breakout rally would surge the assets value 12% to rechallenge the last swing high of $1.05, followed by an extended rally to $0.14.
The “Addresses Stats” are a key barometer for gauging the foundational expansion in the cryptocurrency sector, shedding light on the levels of user participation and broader acceptance. Recent insights from IntoTheBlock, a distinguished analytics firm, revealed a notable uptick in Dogecoin’s network dynamics within a brief span.
Over the Course of Three Weeks:
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Moreover, this surge in both highly active and new addresses has reached levels not seen since 2014, demonstrating a profound surge in interest and participation within the Dogecoin ecosystem.
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