In recent days, Dogecoin (DOGE) has exhibited a bullish flag pattern on its price chart, capturing the attention of traders and investors alike. This pattern, forming over the past two weeks on the hourly chart, typically emerges following a strong upward movement and subsequent price correction.
Bullish Flag Pattern Signals Potential Breakout
The recent price correction in Dogecoin has been accompanied by a decrease in trading volume, often indicative of an impending bullish breakout. Should the price successfully surpass the flag's upper resistance, DOGE could target the $0.31 region, extrapolated from the initial wave of the upward movement.
On-Chain Data Reflects Positive Momentum
On-chain metrics further support this optimistic outlook. Over the past 24 hours, Dogecoin's realized profit has surged by over 225%, reaching $36.1 million. Additionally, daily trading volume has increased by 63%, totaling $7.68 billion, signaling heightened interest from traders in this popular meme coin. The derivatives market has also seen a significant uptick, with volume rising by more than 200%, suggesting the entry of new investors into the DOGE market.
Historical Patterns Suggest Potential for Significant Growth
Analysts, including Trader Tardigrade, observe that Dogecoin's current price structure mirrors substantial accumulation phases preceding the historic rallies of 2017 and 2021. If this large-scale accumulation pattern recurs, it could pave the way for Dogecoin to achieve remarkable growth, potentially reaching up to $6 in the coming years.
As of May 23, 2025, Dogecoin is trading at $0.246999, reflecting a slight increase of 0.01806% from the previous close. The intraday high stands at $0.251607, with a low of $0.238882.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks, and readers should conduct their own research before making investment decisions.
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