Dogecoin (CRYPTO: DOGE) is aiming for much higher highs, according to cryptocurrency market analyst Gianni Di Poce.
What happened: Speaking at the Benzinga Crypto Trading Festival, Di Poce – financial analyst and president of market research firm The Mercator – said he “wouldn’t be surprised to see DOGE for more than a dollar a coin”.
The market analyst stated that the coin is now forming something resembling a bull flag or bull pennant and that if it breaks the upper trend line, we should expect new highs.
He also stated that Dogecoin recently broke a three-year, mostly horizontal drift, broke resistance, and then hit new all-time highs.
He mentioned that the idea that the longer a tradable good is lateralized, the more intense its trend will be, is widespread among traders, suggesting that Dogecoin fans have a big ride ahead of them.
The report follows a recent market analysis that suggests Dogecoin may reignite its uptrend after building a bull pennant that could propel its price above $ 0.30.
Price action: According to CoinMarketCap data, Dogecoin was trading at $ 0.2778 at press time, down 0.7% in the past 24 hours.