A market expert has highlighted that Dogecoin's (DOGE) next target could be $0.90, based on a second bull pennant pattern observed on the 2-hour price chart according to Trader Tardigrade.

The recent rally in Dogecoin has positioned it as one of the top-performing cryptocurrencies, with analysts forecasting further gains due to a bull flag formation.

The First Bull Pennant

The initial bullish pennant formed between November 5 and 7, starting with a price increase from $0.1677 to $0.2187.

This surge was fueled by market optimism following Donald Trump's election victory, creating the flagpole for the first pennant.

After reaching $0.2187, Dogecoin experienced a pullback to $0.1857 as traders took profits.

However, the price stabilized in a narrowing range, forming the flag portion of the pattern.

Once Dogecoin broke above the pennant's upper resistance on November 7, it triggered a significant rally, climbing to a three-year high of $0.4389 by November 12—a remarkable 139% increase from the low of $0.1857.

The Second Bull Pennant

After the rally to $0.4389, Dogecoin retraced and entered another consolidation phase.

This recent price action resembles the first bull pennant, with a new flagpole emerging from a rise to $0.4389.

Currently, Dogecoin's price is moving within a tightening range, suggesting that the flag portion of the second pennant is nearing completion.

Traders often view such patterns as indicators of continuation, where the breakout direction aligns with the preceding bullish trend.

Trader Tardigrade predicts that this second pennant will soon result in another breakout, potentially driving Dogecoin's price to $0.90.

This anticipated movement would represent a 139% increase from its current price of $0.3752, mirroring the first pennant's breakout.

Additionally, renewed whale accumulation could support this potential surge, as recent reports indicate that Dogecoin whales acquired 160 million tokens within 24 hours.

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Also Read: Whales Now Acquire Whopping 160M DOGE During Dip

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