Dogecoin Rallies 210% to $0.41; Analyst Sets Target at $0.66
Dogecoin (DOGE) has shown significant performance in the crypto market, increasing by 210% over the past 34 days from $0.13 to above $0.41. This surge was driven by the announcement of the Department of Government Efficiency (DOGE), initiated by Dogecoin supporter Elon Musk under President Donald Trump.
Recently, DOGE has entered a phase of sideways movement for 16 days. However, the daily DOGE/USD chart remains bullish. Trader Peter Brandt and analyst @Kultigin83 identified a "running continuation flag" on the chart, with a potential price target of $0.66.
Next Price Target for Dogecoin
@Kultigin83 noted that this pattern is recognized as an upsloping flag, to which Brandt confirmed its classification as a running continuation flag.
The running continuation flag typically appears during a strong uptrend, indicating that the bullish momentum remains intact despite temporary consolidation. For Dogecoin, this pattern follows an increase from below $0.19 to above $0.39, establishing the "pole" of the flag following the breakout of a head and shoulders pattern. The price action has since consolidated between $0.340 and $0.48, forming the body of the flag.
To determine the price target from the flag pattern, the length of the pole—approximately $0.20—is measured from $0.19 to $0.39. Adding this height to the breakout point around $0.50 results in a forecast target of $0.70, while @Kultigin83 suggests a more conservative target of $0.66.
If Dogecoin maintains its momentum and breaks through the upper boundary of the running continuation flag, reaching at least $0.66 appears plausible. This technical analysis, supported by Peter Brandt's expertise, indicates that DOGE may continue its upward trajectory.
At press time, DOGE traded at $0.41.
