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Can Dogecoin (DOGE) Breakout and Lead the Memecoin Rally? 3m ago by coinedition.com

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DOGE has formed a pennant pattern that could drive a rally for the coin soon.

The coin also hit the one-month SAR, indicating an uptick similar to the bull run of 2021.

If buyers defend the $0.70 level, Dogecoin may rally to $0.14 in the mid-term.

Crypto Tony, a trader with over 358,000 followers on X (formerly Twitter), opined that Dogecoin (DOGE) might soon break out and lead an uptick for other memecoins. Sharing a DOGE/USD chart via his page, Tony noted that DOGE had formed a pennant pattern.

From the chart, he also explained how the DOGE price had been preceded by a steep consolidation. Usually, this move is followed by a breakout in either direction. 

$DOGE / $USD – Update #Memeseason is only a solid pump away .. Keep your eyes on this legends pic.twitter.com/GI4eWa6YyK

— Crypto Tony (@CryptoTony__) November 20, 2023

However, according to the analyst, DOGE’s breakout is most likely in the upward direction, and the price could move well above $0.08. Meanwhile, DOGE’s value has decreased by 5.24% in the last 24 hours, as the price also fell to $0.076.

Another Repeat of 2021 Performance?

Like Crypto Tony, another trader who has been bulli…

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