Dogecoin price entered another stage of bullish momentum this revived the influx of traders. Notably, DOGE price surged by around 16.3% in the last 24 hours. This rise highlighted the possibility that DOGE price could reach a new all-time high this year.
Interestingly, a crypto analyst from social media platform X has highlighted a bullish fractal that could push Dogecoin price on a parabolic run.
Dogecoin Fractal points to new ATH
Master Kenobi shared his analysis of Dogecoin price action on X. In his article, Kenobi described a fractal pattern, suggesting that DOGE is on the verge of a significant breakout. Kenobi attributed the fractal formation to the consolidation that began after DOGE price reached $0.43.
A the bullish fractal is a trend that suggests an upward reversal in prices. This trend, which occurs during price consolidations, is characterized by a middle bar that has the lowest low, flanked by higher lows on either side.
Kenobi’s analysis was accompanied by a DOGE chart on the four-hour candlestick period. The chart revealed that a similar fractal occurred during the first week of November. At that time, Dogecoin was consolidating after an initial rise beyond the $0.20 mark. This consolidation phase, much like the current phase, has been marked by low volatility and steady accumulation. However, the November fractal ultimately resolved with an explosive 115% six-day rally.
Drawing parallels with the November pattern, Kenobi predicted that Dogecoin price could repeat this result and create a new all-time high over the next three days. In terms of price target, a breakout would see DOGE price reach the $0.74 mark, which would put it above its current all-time high of $0.7316.
What’s next for the Dogecoin price?
The prospect of a new all-time high for Dogecoin price is gaining ground with each passing day, especially with price action over the past 24 hours. At the time of analysis, DOGE price was trading at $0.41. Interestingly, Dogecoin price has surged to $0.46 at the time of writing, indicating that the bullish fractal breakout has occurred.
DOGE, which started in November at $0.1616, has already increased by around 230% in the last 30 days. A lot chain data And pricing models suggest a continuation of the price rise, at least in the coming days and weeks. Ali Martinez, a popular crypto analyst, suggested that Dogecoin price is in the middle of a bullish breakout at $0.82. If the price target is reached, this would represent an additional 78% gain from the current price.
Featured image created with Dall.E, chart from Tradingview.com
