**Dogecoin Price Poised for Significant Upswing, Analyst Predicts**

Dogecoin has been experiencing a consolidation phase since November 12, forming a rare and bullish chart pattern known as the high tight flag. This technical setup suggests a potential for substantial upward movement in the cryptocurrency's price.

Renowned technical analyst Trader Tardigrade has drawn attention to this pattern, identifying its formation on the daily candlestick timeframe. The high tight flag is a unique and bullish signal that typically precedes explosive price increases. Trader Tardigrade highlighted this on social media platform X, noting the "highly possible significant upward price movement" indicated by the pattern.

The emergence of the high tight flag pattern suggests that Dogecoin's price could soon reach the $1 mark, according to the analyst. He adds that a blend of strong price momentum, growing market enthusiasm, and FOMO (fear of missing out) among retail investors might drive Dogecoin's price to targets between $5 and $10.

The high tight flag is a particular variation of the bull flag pattern, both of which involve a flagpole and a flag or handle formation. For a high tight flag, the criteria are more stringent, requiring a sharp price increase of at least 100% over a short period, typically within eight weeks. Dogecoin's flagpole was formed from November 3 to November 12, during which it surged by approximately 180%.

Following this sharp rise, the price entered a consolidation phase marked by sideways or slight downward movement, creating the flag or handle pattern. This phase usually retraces no more than 10% of the initial rise and lasts between five days and three weeks. For Dogecoin, this consolidation has been ongoing for the past ten days with a handle depth of 10%.

Currently, Dogecoin is trading at $0.3926, showing a 1.88% gain in the past 24 hours. Achieving the initial price target of $1 would mean a 155% gain. Reaching higher targets of $5 and $10 would represent returns of 1,170% and 2,440%, respectively, from the current price.