New Dogecoin (DOGE) Price Target Approved by Veteran Trader Peter Brandt

Dogecoin Shows Signs of Strength, Traders Eye Potential Bullish Moves

Dogecoin (DOGE) has recently regained the spotlight, surging by over 150% this month. Despite its meme-inspired origins, the cryptocurrency is now garnering attention from analysts, including seasoned trader Peter Brandt.

Inverted Head-and-Shoulders Pattern

Initially, Brandt observed an inverted head-and-shoulders pattern in DOGE's chart, indicating a potential reversal towards its previous high of $0.73.

Upsloping Flag Formation

However, other analysts have suggested an alternative pattern: an upsloping flag. This technical formation is typically associated with continuation trends. If confirmed, Brandt acknowledges that it could propel DOGE to a price target of approximately $0.66.

Running Continuation Flag

"Yes, if completed this would be considered a running continuation flag," Brandt confirmed on Twitter.

Technical Soundness

Despite its playful origins, Dogecoin's price movements have exhibited technical soundness, keeping traders engaged. Brandt's observations, informed by decades of charting experience, lend credibility to the idea that the cryptocurrency's analysis has become more sophisticated.

Bullish Momentum

If the predicted patterns materialize, DOGE is poised for another significant movement. A return to $0.66 or higher would mark a major milestone for the coin, whose market dynamics remain as unconventional as its beginnings.