This Dogecoin Chart Pattern Shows DOGE Price Could See 70% Spike Before Year End

KrissPax sees a bull flag pattern forming in Dogecoin's price action, suggesting potential for upside movement.

A Dogecoin technical analysis by a YouTuber suggests the meme coin could rally 70% by year-end.

Popular crypto YouTuber KrissPax has shared his analysis on Dogecoin (CRYPTO: DOGE), suggesting that the meme coin could be set for a 70% rally before the year ends.

What Happened: In a recent video, KrissPax highlighted a bull flag pattern forming in DOGE’s price action. The YouTuber identified the initial sharp upward movement as the flagpole and the subsequent consolidation phase as the flag.

During the consolidation phase, DOGE has been trading in a rectangular channel with a slight upward tilt. The decreasing volume throughout this period is also characteristic of a bull flag pattern.

Based on traditional technical analysis methods, KrissPax projects a price target of $0.69, calculated by extending the flagpole’s height from the breakout point. This marks a 70% spike from current levels around $0.4.

The 50-day Simple Moving Average (SMA) is seen maintaining its position above the 200-day SMA, reinforcing the overall bullish trend.

For this bullish scenario to materialize, DOGE needs to breach the flag’s upper resistance with substantial volume.

KrissPax also notes that broader market conditions, particularly Bitcoin’s (CRYPTO: BTC) performance, will play a crucial role in validating this setup. Currently, the price action suggests strong buying pressure, although traders should be prepared for potential pullbacks to the breakout level.

Achieving the $0.69 target will also be contingent on sustained momentum and favorable market conditions through year-end.