In the most recent X post, Ali indicated that $DOGE appears to have confirmed a breakout from a bullish flag on the lower timeframes. This pattern breakout coincides with multiple bullish signals on the higher timeframes.
A bull flag is a continuation pattern that typically forms after a strong upward move. Price then consolidates within a relatively contained downward or sideways channel before potentially breaking higher. According to Ali, Dogecoin's bull flag pattern projects a move toward $0.12, while also aligning with multiple bullish signals developing on the higher timeframes.
Dogecoin to erase zero?
At the time of writing, Dogecoin was up 5.30% in the last 24 hours to $0.087 amid a broader market rebound, which has pushed Bitcoin above $81,000. Softer rate expectations have helped send buyers into risk assets across the board, causing a rebound in prices.
Dogecoin's price rebound also coincided with positive fundamental and technical signals.
Ali indicated in his post that the Tom DeMark Sequential has flashed a buy signal on the daily chart, suggesting the correction may be ending, and $DOGE could be preparing to resume its uptrend.
Dogecoin also appears to have formed a morning doji star, a bullish reversal pattern that typically appears near the end of a downtrend, on the daily chart, suggesting that selling momentum may be decreasing as buyers step in.
Large holders or whales appear to be buying the dip, with over 400 million $DOGE bought in 5 days, contributing to meaningful buying pressure at current price levels.
According to Ali, the recent accumulation has reinforced a major on-chain support level for Dogecoin, which lies near $0.0813, where almost 35 billion $DOGE were previously traded. As long as the $0.0813 level holds, Dogecoin's bullish setup remains intact, with $0.1552 and $0.1774 as potential upside targets. The $0.0813 support level remains the one to watch for Dogecoin.
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