Dogecoin Price Bull Flag Points to $0.347 as Next Breakout Target

A potential breakout in Dogecoin price will occur after a consolidation period, as technical indicators show a market shift to a new level of $0.347. Such a setup has raised analysts’ eyebrows, as momentum has been building up, and a breakout is likely to become the onset of an upward trend.

Here’s Why Dogecoin Price Is Poised for a Breakout

Cryptocurrency analyst, Tardigrade, pointed out a Power of Three (PO3) trading pattern that the top meme coin is experiencing. This approach breaks the market trend into Accumulation, Manipulation, and Distribution phases.

From the analysis, DOGE’s sideways trading in a narrow range from September 13 to 14 suggested an Accumulation phase. This period, shown in yellow, reflected low volatility as large investors quietly built positions. A Manipulation phase followed, highlighted in red, with sharp price ranges that remove weak holders and create liquidity for bigger players.

In addition, DOGE has entered the distribution stage, and a bullish break is likely to occur. Assuming this step is successfully fulfilled, a faster development up to $0.33-$0.34 may occur. The setup remains valid if the crypto stays above crucial support at around $0.2720.

More so, this change complements previous analysis pointing out that DOGE had bottomed near $0.1318 and has since doubled in value. A confirmed breakout could attract institutional and retail traders, amplifying upward momentum.

Bull Flag Formation Confirms Bullish Continuation

Furthermore, the trader’s second chart pointed out a bullish continuation pattern forming on the 12-hour timeframe. Meanwhile, the meme coin is trading within a classic bull flag, a structure that forms after a sharp rally, also known as a flagpole.

An initial flag-and-pole pattern the month before it hit its target, has proven the setup and shows consistent purchasing strength. Also, price is converging between parallel downward-sloping trend lines as the second flag is underway in the swing.

Repetition of this pattern with chances of short bull breaks and resuming dominance indicates a sound market structure.

Moreover, the current calculated flagpole move gives a breakout target of $0.347 if DOGE closes above $0.29. A shift out of this level would increase buying and push DOGE to the desired goal.

On the other hand, a falling rate below the lower limit of the flag could result in a temporary weakness, which can draw the asset back to the level of $0.26-$0.27. Although this is risky, general momentum is bullish as long as the flag structure prevails.

TD Sequential Buy Signal Suggests Reversal

On the other hand, Analyst Ali Martinez also supported the prediction of the meme coin being bullish. According to his analysis, Dogecoin price experienced a slight decline during the day from $0.2970 to around $0.2623 on the 4-hour chart.

However, the analyst noted that the TD Sequential indicator showed a rare buy signal, which occurs after nine consecutive bearish candles. This signal indicates that the selling force might soon be reaching its limit, which leaves the situation with a potential rebound.

If DOGE holds above $0.2600, an upswing at $0.2770 and $0.2850 may occur, proving a short-term positive trend. On the contrary, failing to stay above this will strengthen the downtrend and may lead to more losses.