Dogecoin Price Outlook: Is a 10% Move Coming as Bullish Pennant Forms and MACD Signals Bulls?

Dogecoin price climbed above the $0.11 mark, extending a steady bullish trend in recent sessions.

The top meme coin has increased by 12% in the last week, which shows renewed optimism in the market.

The analysts observe that there is a bullish pennant pattern emerging and that MACD indicators are suggesting that the momentum is still in favor of buyers.

The wider movement is as Bitcoin rises above $80,000, driving the mood across most digital currencies.

Ether and XRP also posted gains, which cemented the expectation that the crypto market was to continue to increase in the near future.

Analyst Flags Bullish Pennant—Can Dogecoin Price Jump 10%?

Crypto analyst notes a possible bullish turn in Dogecoin price, citing a distinct shift out of a recent downward trend.

The analyst notes that the price movement has changed to an uptrend with the market structure on the daily chart becoming better. A bullish pennant pattern is now being formed, and that is considered to be the continuation signal in technical analysis.

Should this be confirmed, a breakout out of this formation could confirm the trend reversal and lead to further positive momentum. According to market watchers, a move of 10% could follow provided that the buying pressure gains ground. 

Whales Accumulate 160 Million Dogecoin, Boosting Market Sentiment

Dogecoin price is drawing attention as large investors significantly increased their holdings over recent days.

Data provided by Ali Martinez indicates the whales had amassed almost 160 million DOGE in the last 96 hours.

This accumulation rush is an indication of increased confidence among large holders to the current market volatility.

Whales usually have a long-term positioning that is highly observed by traders with regard to the possible direction of the price.

The gradual increase in holdings supports the idea of increasing demand and may help further positive momentum.

DOGE Shows Uptrend Signals—Is More Upside Ahead?

The latest DOGE price surged to $0.1108, showing steady strength after a recent breakout on the four-hour chart.  The price action is still supported at the level of $0.108, which means that buyers continue to control the price in the short term.

The technical indicators show an increasing momentum, as RSI is close to 60, indicating the ongoing bullish effects. The Chaikin Money Flow also remains positive, indicating that there are steady capital inflows into Dogecoin.

The next immediate target identified by analysts is $0.12, which is a potential 10 percent upside to current levels.

Further breakout may bring the long-term Dogecoin forecast closer to the resistance zone of 0.13 if the momentum picks up even further.

On the negative side, it can be seen that the support is around the area of $0.1050, where buyers might intervene during short term pullbacks.