Dogecoin is among the most notable performers in the cryptocurrency market over recent weeks. During the last 34 days, DOGE has surged by 210%, moving from $0.13 to over $0.41. This surge was driven by enthusiasm surrounding the establishment of the Department of Government Efficiency (DOGE), led by Dogecoin supporter Elon Musk under the impending US President Donald Trump.
Nevertheless, the surge has leveled off, with DOGE showing a sideways trend over the previous 16 days. Yet, the daily DOGE/USD chart remains highly optimistic. Renowned trader Peter Brandt, along with insights from a cryptocurrency analyst identified by the handle @Kultigin83, has pointed out a “running continuation flag” on the DOGE/USD chart, predicting a possible price target of $0.66.
Could This Be The Next Target Price For Dogecoin?
@Kultigin83 mentioned on X, saying: “Mr. Peter assists us, and I aim to support him (a brief piece of advice from a pupil); this formation is recognized as an upsloping flag.” In reply, Peter Brandt replied, “Indeed, if finalized, this would certainly be characterized as a running continuation flag.”
The running continuation flag is a widely recognized chart formation known for its bullish implications. It typically appears during a robust uptrend when prices temporarily consolidate or move slightly downward within a parallel or gradually expanding channel. This pattern is essential as it indicates that despite a brief pause, the dominant bullish momentum remains strong.
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In Dogecoin’s case, the formation observed follows a substantial upward shift where the price increased significantly from below $0.19 to above $0.39 after breaking out of a head and shoulders formation, forming the “pole” of the flag. This pole is crucial as it signifies the initial ascent before the consolidation stage. After this rise, the price action of DOGE began to stabilize, fluctuating within the range of $0.340 to $0.48, outlining the body of the flag.
The strategy to determine the price target from a flag pattern includes measuring the length of the pole — in this case, about $0.20 (from roughly $0.19 to $0.39). This measurement is then applied to the potential breakout point, which for DOGE seems to be developing around the $0.50 level. By adding the height of the pole to the breakout price, the projected target is established at $0.70. The analysis presented by @Kultigin83 proposes a slightly more cautious target of $0.66.
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If Dogecoin can sustain its momentum and break through the upper boundary of its running continuation flag, targeting at least $0.66 appears to be the next logical price goal. This technical formation, supported by the proficiency of Peter Brandt, offers a bullish perspective for DOGE, indicating that the cryptocurrency still has room to continue its ascent.
At the time of reporting, DOGE was priced at $0.41.
Imagen destacada creada con DALL.E, gráfico de TradingView.com
