Dogecoin (DOGE) is back in the news, with its price up 150% this month alone. The meme-inspired cryptocurrency, long seen as a sign of people getting carried away with the hype, is once again getting the attention of analysts, including Peter Brandt, who has been trading the financial markets for over four decades now.
Arman ShirinyanWhile Brandt initially said that Dogecoin's chart shows an inverted head-and-shoulders pattern, which could mean that it is going back to its all-time high near $0.73, other market participants have come up with different ideas.
One follower made an interesting point: that DOGE could be forming an "upsloping flag," a technical pattern often associated with continuation trends. Brandt said that he saw that point of view as well. If the flag is completed, it could mean a price target of around $0.66, which would fit with the ongoing bullish momentum.
For a cryptocurrency that started out as a joke, Dogecoin has kept market participants on their toes, not only with its unpredictability out of the crypto market but also with the technical soundness of its price movements. Brandt's observations, backed by decades of charting expertise, lend credibility to the idea that the analysis surrounding the coin is becoming more sophisticated.
Yuri MolchanIt is all speculation for now, but if these patterns play out as expected, DOGE is poised for another big move. A return to $0.66 or higher would be another major milestone for a coin whose market dynamics remain as unconventional as its origins.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov