Donald Trump’s victory, backed by Elon Musk, has ignited the crypto market. Especially Dogecoin (DOGE Coin), the popular meme coin Musk is a fan of. The price of the meme coin has jumped 150% this month alone. Thus, it was back in the spotlight. Moreover, analysts expect much more from DOGE. Legendary analyst Peter Brandt gave his approval to a pattern that points upwards.
Legendary analyst confirms bullish pattern for DOGE Coin!
The meme-inspired cryptocurrency, long seen as a sign that people are getting caught up in the hype, is once again attracting the attention of analysts, including Peter Brandt, who has been trading the financial markets for more than four decades. Brandt initially spotted that Dogecoin’s (DOGE Coin) chart was showing an inverted head and shoulders pattern. He also noted that this would mean that it would bounce back to its all-time high around $73. In the midst of this discussion, other market participants came up with different ideas.
One follower made an interesting point. According to him, DOGE Coin may be forming an “upward-sloping flag,” a technical pattern that is often associated with ongoing trends. Brandt said he has seen this point of view himself. If the flag is completed, he has a price target of around $0.66 to match the ongoing bullish momentum.
Is the meme coin set to surpass a new milestone?
As you have been following on Kriptokoin.com, Dogecoin entered the market as a parody of Bitcoin. For a cryptocurrency that started as a joke, Dogecoin has kept market participants on their toes, not only with its unpredictability in the crypto market, but also with the technical soundness of its price movements. Brandt’s recent observations lend credibility to the idea that the analysis surrounding the token is becoming more sophisticated. For now, this is all speculation. But if these patterns materialize as expected, DOGE Coin is poised for another big move. A return to $0.66 or higher will be another important milestone for a cryptocurrency whose market dynamics are as unusual as its origins.
DOGE Coin price technical outlook
Crypto analyst Elena R. looks at the technical picture of the popular meme coin. On the daily chart, Dogecoin’s parabolic growth is struggling to maintain bullish dominance above the $0.31 mark, which coincides with the 1,618 Fibonacci level. Dogecoin is trading near its 52-week high of $0.43. Meme coin’s current market price is $0.4117.
It marks the exhaustion of the uptrend after a weekly increase of 5%. Currently, the DOGE Coin price action reveals a post-test reversal from the 1,618 Fibonacci level. It is also potentially targeting the 2,272 Fibonacci level at $0.64. Dogecoin is likely to reach the psychological limit of $0.50 by the end of 2024. On the other hand, important support is likely to remain at $0.34.
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