Dogecoin Continues to Trade Sideways But Signs of Price Increase Indicate Prepare for $1.3 Level

The price movement of Dogecoin in the past 48 hours has been highlighted by consolidation below $0.45. Interestingly, technical analysis shows that this consolidation is part of a price increase flag that formed since early November. Specifically, Dogecoin is currently in the flag phase of the formation of a price increase flag, known as the consolidation phase before the next increase. According to cryptocurrency analyst KrissPax, this Dogecoin price fluctuation is creating "a great springboard for the next big Doge price increase". Dogecoin's Sideways trading sets the stage for growth Dogecoin price has been trading in the range since reaching $0.47 on November 23. This range is highlighted by the critical support around $0.37 that prevented the next decline on November 26. Cryptocurrency analyst KrissPax noted that this consolidation has sustained above the support level, which he interprets as constructive rather than negative. Regarding the price outlook for Dogecoin, KrissPax emphasized that the merger has led to the formation of a price increase flag, which is set to be broken at the trend line. For his price prediction, he highlighted $1.3 as the main target after the breakout. Price signals often form after a strong price increase, followed by consolidation, with price fluctuations resembling a triangle. A breakout from this pattern often signals the continuation of the previous trend, making $1,30 a reasonable target if this pattern holds true. What can push Dogecoin's price to $1.3? At the time of writing, Dogecoin is trading at $0.419, according to CoinMarketCap, reflecting an impressive increase of about 178% in the past 30 days. If Dogecoin can maintain its upward trajectory and reach the target of $1.30, it will increase by another 210% compared to the current price, as well as a decisive move beyond the all-time high of $0.7316. However, the path to $1.30 depends on other market factors extending beyond the flag pattern currently forming on the Dogecoin price chart. Nevertheless, current market factors indicate that the price of this meme coin remains in a good position to continue rising. A key factor contributing to this prospect is the recent increase in activity on the Dogecoin blockchain, especially among large holders. According to data from blockchain analysis company Santiment, there has been significant accumulation of whales in recent days. According to Santiment's data, Dogecoin whales have collectively bought an additional 160 million DOGE tokens in just 48 hours. This increased demand could help sustain the price momentum of Dogecoin and support efforts to surpass previous highs.