How high can Dogecoin go? Legendary Trader Predicts Next Price Target – TradingView News

Dogecoin has been one of the standout performers in the crypto market in recent weeks. In the last 34 days, DOGE has increased by 210%, rising from $0.13 to over $0.41. The rally was fueled by excitement surrounding the creation of the Department of Government Efficiency (DOGE), led by Dogecoin proponent Elon Musk under future US President Donald Trump.

However, the rally has plateaued and DOGE has seen sideways movement over the past 16 days. Nevertheless, the daily DOGE/USD chart continues to show an extremely bullish outlook. Legendary trader Peter Brandt, in collaboration with the observations of a crypto analyst named @Kultigin83, has highlighted a “running continuation flag” on the DOGE/USD chart and predicted a potential price target of $0.66.

Is this the next Dogecoin price target?

@Kultigin83 commented on X saying: “Mr. Peter helps us and I want to help him (a little advice from a student); This pattern is known as a rising flag.” In response, Peter Brandt replied, “Yes, if this were completed, this would actually be considered a running continuation flag.”

The running continuation flag is a classic chart pattern known for its bullish implications. It generally occurs during a strong uptrend when price briefly consolidates or moves slightly lower within a parallel or slightly expanding channel. This pattern is crucial as it suggests that the prevailing bullish momentum is still very much intact despite the temporary pause.

In the case of Dogecoin, the observed pattern follows a clear upward move, where the price rose significantly from levels below $0.19 to above $0.39 after breaking out of a head and shoulders pattern, forming the “pole” of the flag . This pole is a crucial component as it represents the first rise before the consolidation phase. After this increase, DOGE price movement began to consolidate and moved within the limits of $0.340 to $0.48, forming the core of the flag.

The method for deriving the price target from a flag pattern is to measure the length of the bar – in this case about $0.20 (from about $0.19 to $0.39). This measurement is then applied to the potential breakout point, which appears to be forming around the $0.50 level for DOGE. Adding the height of the pole to the breakout price sets the forecast target at $0.70. Analysis provided by @Kultigin83 sets a slightly more conservative target at $0.66.

If Dogecoin can maintain its momentum and break the upper limit of its ongoing continuation flag, the target of at least $0.66 seems to be the next logical price target. This technical pattern, confirmed by Peter Brandt’s expertise, offers a bullish outlook for DOGE, suggesting that the cryptocurrency has not yet completed its uptrend.

At press time, DOGE was trading at $0.41.