The price of Dogecoin has entered a new phase of positive momentum, leading to increased trading activity. Recently, DOGE has jumped approximately 16.3% in the last 24 hours, raising hopes for a potential all-time high this year.
A crypto analyst on platform X pointed out a bullish fractal pattern that might trigger a significant price increase for Dogecoin.
Fractal Analysis Indicates New All-Time High
Master Kenobi discussed his findings regarding Dogecoin’s price trends on X. He explained a fractal pattern that suggests DOGE could experience a notable breakout, referencing the consolidation that happened after the price hit $0.43.
A bullish fractal is a price pattern that signals a potential upward shift. It appears during consolidations and is marked by a central bar representing the lowest price, surrounded by higher prices on either side.
Accompanying Kenobi’s analysis was a chart of DOGE’s price on a four-hour candlestick basis. The chart indicated a similar fractal formation during the first week of November. At that point, Dogecoin was stabilizing after first breaking above the $0.20 threshold. This period of low volatility and gradual accumulation was reminiscent of the current situation. The previous fractal ultimately resulted in a remarkable 115% price increase within six days.
Comparing the November trend, Kenobi forecasted that Dogecoin might follow suit and achieve a new all-time high within the next three days. He suggested that if a breakout occurs, the DOGE price could reach $0.74, surpassing its previous highest value of $0.7316.
Future Outlook for Dogecoin
The prospect of Dogecoin reaching a new all-time high seems increasingly likely, especially given the recent price movements. During the analysis, DOGE was priced at $0.41 but has since climbed to $0.46, signaling that the bullish fractal breakout may already be in play.
Starting November at $0.1616, DOGE has surged approximately 230% over the past month. Various on-chain metrics and price patterns indicate further gains in the upcoming days and weeks. Notably, analyst Ali Martinez predicted that Dogecoin might be en route to $0.82. Achieving this target would mean an additional increase of 78% from the current price.
