The Dogecoin price has recently experienced a surge in bullish momentum, attracting traders to the market. Over the past 24 hours, the DOGE price has increased by approximately 16.3%, sparking discussions about the potential for a new all-time high later this year. A crypto analyst on the social media platform X has highlighted a bullish fractal pattern that could propel the Dogecoin price on a parabolic run.
Master Kenobi shared his analysis of the Dogecoin price action on X, pointing out a fractal setup that suggests a significant breakout is imminent. This fractal formation is linked to the consolidation phase that followed the DOGE price reaching $0.43. A bullish fractal pattern is characterized by upward price reversals during consolidation periods, with a middle bar showing the lowest low surrounded by higher lows on each side.
Kenobi’s analysis included a DOGE chart on the four-hour candlestick timeframe, illustrating a similar fractal pattern that occurred in early November. During that time, Dogecoin was consolidating after surpassing the $0.20 mark, with low volatility and steady accumulation. The November fractal eventually led to a 115% rally over six days. Drawing parallels with this setup, Kenobi predicted that the Dogecoin price could reach a new all-time high in the next three days, targeting $0.74, surpassing its current all-time high of $0.7316.
The potential for a new all-time high for the Dogecoin price has been gaining traction, especially with the recent price action. As of the analysis, the DOGE price was at $0.41, but it has since surged to $0.46, indicating that the bullish fractal breakout has occurred. Starting November at $0.1616, DOGE has already seen a 230% increase in the past 30 days. On-chain data and price patterns suggest a continued upward trend in the coming days and weeks, with some analysts predicting a target of $0.82, representing a 78% gain from the current price.
Overall, the Dogecoin price has shown significant growth and potential for further gains, with traders and analysts closely monitoring its movements for future developments.
