The Dogecoin price is showing signs of a rally following a confirmed bullish pennant breakout. This interesting breakout was highlighted by crypto analyst World of Charts, with the prospect of a Dogecoin price surge past the $1 mark now in view.

Bullish Pennant Breakout Sets The Stage For Strong Upward Price Motion

The Dogecoin price motion up to now six weeks has been characterised by a choppy movement and consolidation below the $0.5 price level. This choppy movement, which initially remained above $0.4, lost its footing above this level and eventually dragged on the movement between $0.3 and $0.4. 

Notably, the consolidation movement has given rise to an interesting price formation on the Dogecoin price chart. This formation consists of lower highs and better lows, resulting in the creation of a bullish pennant on the 8-hour candlestick timeframe chart. A bullish pennant is a continuation pattern that usually signals a powerful upward price movement following a consolidation period.

In response to crypto analyst World Of Charts, who shared his technical evaluation of Dogecoin’s price motion on social media platform X, the meme coin seems to have now broken above the upper trendline of the bullish pennant. Recent inflows into the crypto market have seen Dogecoin bounce from the lower trendline of the bullish pennant.

This triggered a climb upwards to achieve the upper trendline, break out of the upper trendline, retest this upper trendline, and bounce off again to substantiate the breakout. As noted by the analyst, the breakout confirmation now paves the way in which for Dogecoin to experience one other significant bullish wave.

Can Dogecoin Price Finally Break $1?

Given the bullish nature of the bullish pennant formation, the following step from here after the upward breakout can be one other significant rally. Moreover, this might finally be the much-anticipated opportunity needed for Dogecoin to maneuver towards the $1 mark. 

A price goal projection from World of Charts puts the value breakout moving towards its current all-time high of around $0.73 in the following few days. “Expecting One other Strong Bullish Wave In Coming Days In Dogecoin,” the analyst said.

Such a fast, strong bullish wave to its all-time high would undoubtedly cascade right into a continued move upwards, provided the positive sentiment stays strong and there may be minimal profit-taking. This, in turn, may lead to a final move above $1, which has been a long-standing goal for Dogecoin’s community of meme coins.

Step one to achieve $1 can be to reclaim $0.4 and $0.5. On the time of writing, Dogecoin is trading at $0.3877 and is up by 3% up to now 24 hours. Interestingly, Dogecoin is up by 17% up to now seven days because the bulls now look to return it back above the $0.4 threshold.

Featured image created with Dall.E, chart from Tradingview.com