$0.169 Could Be Pivotal to Dogecoin's (DOGE) Future, Here's Why

The crypto market saw one of its most positive weeks in the last seven days, and Dogecoin was one of the major beneficiaries of this momentum shift.

Dogecoin (CRYPTO: DOGE) had a stellar week, outperforming most cryptocurrencies and major equities. The meme coin, which began the year trading below the $0.2 price level, is now eyeing a return to those levels.

One crypto analyst believes that a key level could unlock a 29% rally for Dogecoin before the week runs out.

What Happened: Dogecoin price is showing signs of a bull flag pattern on the four-hour chart, according to Ali Martinez, a crypto analyst and founder of X.

The bull flag pattern is a technical analysis formation that shows a period of strong upward movement (the flagpole) followed by a short period of price consolidation or slight downward movement (the flag).

Typically, the bull flag is a strong upward continuation pattern that suggests the continuation of a positive run. To confirm the continuation of the upward trend, the breakout of the flag (the price consolidation) is key. This breakout from the flag often results in a move higher, usually measuring the length of the prior flag pole.

Martinez points out this pattern on the Dogecoin four-hour chart, with the trigger point lying around the $0.169 price level.

“Trigger Point: $0.169

If we get a successful close above this region, we should see DOGE price run up towards its 2024 high.”

Relative Strength Index (RSI): A technical indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions.

Chart Shows: Using the length of the first flagpole, the price target for Dogecoin is placed at around $0.209, which would be a 29% rally from the current price point.

While a move to $0.209 would be a major move in the meme coin’s price trajectory, DOGE would still be around 250% away from its all-time high price of $0.7316.

DOGE Price Action: Dogecoin trades at a price of $0.1603, up 1.1% in the past 24 hours. The meme coin has a circulating supply of 133.08 billion tokens and a total market capitalization of $21.3 billion, making it the ninth-largest cryptocurrency.