How High Can Dogecoin Go? Legendary Trader Forecasts Next Target
Dogecoin has been one of the cryptocurrencies that has performed well in the cryptocurrency market over the past few weeks. DOGE has gained 210% in the past 34 days, climbing from $0.13 to above $0.41. The rally was fueled by excitement surrounding the establishment of the Department of Government Efficiency (DOGE), take the lead Proposed by Elon Musk, a Dogecoin advocate under incoming US President Donald Trump.
However, the rally has plateaued and DOGE has experienced a Lateral movement Past 16 days. Nonetheless, the DOGE/USD daily chart continues to show a highly bullish outlook. Legendary trader Peter Brandt, working with observations from a crypto analyst named @Kultigin83, has highlighted a “run continuation flag” on the DOGE/USD chart, predicting a potential price target of $0.66.
Is this the next price target for Dogecoin?
@Kultigin83 commented on Replied“Yes, if completed, this would indeed be considered a running continuation flag.”
The Running Continuation Flag is a classic chart pattern known for its bullish connotations. It usually occurs during a strong uptrend when price briefly consolidates or moves slightly downward within a parallel or slightly expanding channel. This pattern is crucial because it shows that despite temporary pauses, the dominant bullish momentum Still intact.
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In the case of Dogecoin, the observed pattern emerged after a significant upward movement, with the price rising significantly from sub-$0.19 to above $0.39 following a breakout of the head-and-shoulders pattern, forming a “flag” pattern. pole”. This pole is a crucial component as it represents the initial surge that precedes the consolidation phase. Following this surge, DOGE price action began to consolidate, moving within a range of $0.340 to $0.48, forming a flag-shaped main body.
The method of deriving a price target from a flag pattern involves measuring the length of the bar – in this case, the length is approximately $0.20 (from approximately $0.19 to $0.39). This measurement is then applied to a potential breakout point, which appears to be forming around the $0.50 mark for DOGE. By adding the height of the bar to the breakout price, the forecast target is set at $0.70. Analysis provided by @Kultigin83 sets a slightly conservative target of $0.66.
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If Dogecoin can maintain momentum and break above the upper limit of its running continuation flag, targeting at least $0.66 appears to be the next reasonable price target. This technical pattern, endorsed by Peter Brandt’s expertise, provides a bullish outlook for DOGE, indicating that the cryptocurrency’s rally is not over yet.
At press time, DOGE was trading at $0.41.
Featured image created using DALL.E, chart from TradingView.com
