Dogecoin Eyes $0.195 Target as Bull Flag Forms on Weekly Chart

Source: CryptoNewsNet Original Title: Dogecoin Eyes $0.195 Target as Bull Flag Forms on Weekly Chart Original Link: Dogecoin has caught the attention of market analysts as technical patterns suggest a potential rally toward the $0.195 price level. The leading meme coin currently trades at $0.1380, down 3.85% in the last 24 hours.

Trader Tardigrade identified a bull flag formation on the weekly chart, indicating possible upward momentum. This pattern typically signals continuation of a bullish trend following a period of consolidation. A move to $0.195 would position Dogecoin just below the psychologically significant $0.2 threshold. Breaking through this barrier could establish new local highs for the cryptocurrency.

Critical Levels Define Next Move

Crypto analyst Crypto Tony highlighted $0.154 as the crucial level that could trigger the next rally phase. His technical analysis indicates that reclaiming this price point would likely propel Dogecoin above $0.16. The analysis suggests this level acts as a gateway for further gains.

Kevin Capital pointed to another important technical development. The analyst noted that Dogecoin has successfully retested its key four-hour moving averages after breaking out above them. This behavior mirrors patterns seen in Bitcoin and several altcoins attempting to conclude their corrective phases. A break above $0.157 would confirm a new local high and provide stronger evidence that the correction has ended.

The technical picture shows multiple analysts converging on similar price targets. This confluence of opinion stems from various chart patterns and indicators pointing in the same direction.

ETF Flows Could Drive Momentum

Dogecoin exchange-traded funds represent a potential catalyst for price appreciation. Data from SoSoValue revealed zero net flows into these products on January 14, despite the price rebound. However, historical patterns suggest this situation could shift rapidly.

The same ETFs experienced significant demand earlier in January when Dogecoin rallied to $0.15. During that period, the meme coin ranked among the top performers in the top ten cryptocurrencies by market capitalization. Renewed institutional interest through these investment vehicles could provide additional buying pressure.

The relationship between ETF inflows and price action remains important. Institutional money flowing through regulated products often signals broader market confidence. Any resumption of positive flows could support the technical breakout scenarios outlined by analysts.

Bitcoinsensus offered a more ambitious long-term projection. The analyst suggested Dogecoin could reach $4.5 if the cryptocurrency repeats its macro cycle pattern from previous bull markets. This forecast relies on historical price behavior during similar market phases.

The current cycle has seen Dogecoin maintain relatively stable prices while moving sideways. This consolidation differs from the explosive rallies witnessed in past cycles. Whether this pattern will shift to match historical precedents remains uncertain. The analyst acknowledged that replicating previous performance is not guaranteed.