▲ Dogecoin (DOGE) ©

Dogecoin (DOGE) has entered the final phase of a large-scale chart pattern that has been forming over several years, renewing discussions about the possibility of a major upward move.

According to cryptocurrency media outlet Bitcoinist on March 11 (local time), analysis of DOGE’s monthly chart indicates that a massive bullish pennant pattern formed after the 2021 rally cycle is now approaching a critical inflection point. While most traders focus on daily or weekly movements, the monthly candlestick chart shows the long-term structure tightening, increasing the likelihood of a breakout.

On the monthly chart, the pattern began during the explosive rally in 2021. At that time, DOGE surged from below $0.01 to an all-time high of $0.73 in May 2021, recording a near-vertical rise. Following the peak, the price entered a correction phase, forming a symmetrical triangle structure with lower highs and higher lows—commonly interpreted as a classic bullish pennant pattern.

The upper trendline, drawn from the 2021 high, has acted as descending resistance and has repeatedly capped rebound attempts. Meanwhile, the lower trendline has gradually ascended, serving as support. Notably, when DOGE fell to around the $0.08 range last month, it rebounded from this ascending trendline, confirming that structural support remains intact.

Currently trading near $0.094, DOGE remains close to the lower support line of the pennant. For the pattern to remain valid, the monthly closing price must hold above this ascending trendline. Analysts warn that if a monthly candle closes below the lower trendline, the bullish scenario could weaken.

Conversely, a breakout above the upper resistance line could significantly expand upside potential. The price target of a bullish pennant is generally measured by applying the height of the “flagpole” from the breakout point. Based on the magnitude of the 2021 surge, even conservative projections suggest targets above $1, while more optimistic scenarios point to the $3–$4 range. However, for such a breakout to materialize, DOGE would first need to surpass $0.32 and maintain monthly closes above that level for several consecutive months.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses incurred based on this information. The content should be interpreted solely for informational purposes.*

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