Dogecoin (DOGE) is back in the news, with its price up 150% this month alone. The meme-inspired cryptocurrency, long seen as a sign that people are getting caught up in the hype, is once again capturing the attention of analysts including Peter Brandt, who has been trading financial markets for more than four decades now.
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While Brandt initially said Dogecoin’s chart showed an inverted head-and-shoulders pattern, which could mean it would return to its all-time high near $0.73, other market participants offered different ideas .
One follower made an interesting point: DOGE could be forming an “ascending flag,” a technical pattern often associated with continuing trends. Brandt said he sees this view as well. If the flag is hit, it could mean a price target of around $0.66, which would match the current bullish momentum.
For a cryptocurrency that started as a joke, Dogecoin has kept market participants on their toes, not only because of its unpredictability outside of the crypto market, but also because of the technical solidity of its price movements. Brandt’s observations, backed by decades of mapping expertise, lend credibility to the idea that the analysis surrounding the piece is increasingly sophisticated.
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This is just speculation at this point, but if these patterns play out as expected, DOGE is ready 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.