How High Can Dogecoin Go? Legendary Trader Forecasts Next Price Target
Dogecoin is one of the standout performers in the crypto market in the last weeks. Over the past 34 days, DOGE has rallied by 210%, climbing from $0.13 to above $0.41. The rally was fueled by excitement surrounding the creation of the Department of Government Efficiency (DOGE), spearheaded by Dogecoin advocate Elon Musk under the forthcoming US President Donald Trump.
However, the rally has plateaued, with DOGE experiencing a sideways movement over the last 16 days. Despite this, the daily DOGE/USD chart continues to exhibit a highly bullish outlook. Legendary trader Peter Brandt, in collaboration with the observations of a crypto analyst known by the handle @Kultigin83, has highlighted a running continuation flag on the DOGE/USD chart, forecasting a potential price target of $0.66.
Is This The Next Dogecoin Price Target?
@Kultigin83 commented on X, stating: Mr. Peter helps us, and I want to help him (a small piece of advice from a student); this pattern is known as an upsloping flag. In response, Peter Brandt replied, Yes, if completed, this would indeed be considered a running continuation flag.
The running continuation flag is a classic chart pattern recognized for its bullish implications. It generally appears during a strong uptrend when the price briefly consolidates or moves slightly downward within a parallel or slightly expanding channel. This pattern is crucial because it suggests that despite the temporary pause, the predominant bullish momentum is still very much intact.
In the case of Dogecoin, the pattern observed follows a significant upward movement where the price notably increased from a level below $0.19 to above $0.39 following the breakout of a head and shoulders pattern, creating the pole of the flag. This pole is a crucial component as it represents the initial surge before the consolidation phase. Following this surge, the DOGE price action started to consolidate, moving within the boundaries of $0.340 to $0.48, forming the body of the flag.
The method to derive the price target from a flag pattern involves measuring the length of the pole in this instance, approximately $0.20 (from around $0.19 to $0.39). This measurement is then applied to the potential breakout point, which for DOGE appears to be forming around the $0.50 mark. By adding the height of the pole to the breakout price, the forecast target is set at $0.70. The analysis provided by @Kultigin83 sets a slightly more conservative target at $0.66.
If Dogecoin can maintain its momentum and break out from the upper boundary of its running continuation flag, the target of at least $0.66 seems the next logical price target. This technical pattern, endorsed by Peter Brandts expertise, provides a bullish outlook for DOGE, suggesting that the cryptocurrency is not yet done with its upward climb.
At press time, DOGE traded at $0.41.
Source: NewsBTC.com
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Text source: Crypto Breaking News
