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Home Articles Dogecoin Price Prediction: Veteran Trader Sees DOGE Hitting $0.7

Dogecoin Price Prediction: Veteran Trader Sees DOGE Hitting $0.7

Crispus Nyaga
Crispus Nyaga
Crispus Nyaga
Author:
Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.
November 13th, 2024
Editor:
Joseph Alalade
Joseph Alalade
Editor:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.

Dogecoin price pulled back on Wednesday as the recent bull run took a breather. DOGE, which surged to a high of $0.4377 on Tuesday, moved into a correction, falling by over 15% to the current $0.3700.

Peter Brandt’s Dogecoin price forecast

Analysts are optimistic that the Dogecoin price has more upside to go. In an X post, Peter Brandt, a veteran trader who has been in the industry for decades, noted that the coin was likely moving to its all-time high. If this happens, it needs to jump by over 98% from the current level to hit the record high of $0.7390. 

He is not alone. In an X post, Ali Charts, who has over 80,000 followers, noted that the coin had formed a bullish flag pattern, pointing to more gains, possibly to $0.56, which is about 50% above the current level. 

A likely catalyst for the Dogecoin price is the appointment of Elon Musk to serve as the head of the Department of Government Efficiency (D.O.G.E). This is a new department that will focus on saving the country’s funds in the federal bureaucracy. 

Musk is revered in the Dogecoin community because he was the coin’s biggest promoter in 2021. He has also invested in it and even allows users to buy some Tesla products with it.

Dogecoin price is also having positive catalysts. For one, as we will show below, it has formed a golden cross pattern. It also has substantial volume, with the 24-hour figure amounting to $40 billion. 

Fundamentally, there is a likelihood that one of the smaller financial services companies will apply for a spot Dogecoin ETF now that Donald Trump has won the election.

Read more: Shiba Inu Price Prediction: Is SHIB Setting Up For a 75% Jump?

DOGE price forecast

Dogecoin Price

The weekly chart shows that the Dogecoin price has gone vertical in the past few weeks. Along the way, it formed a golden cross pattern as the 200-day and 50-day Exponential Moving Averages (EMA) crossed each other. It is one of the most popular bullish patterns in the market. 

DOGE price has also moved above the upper side of the cup and handle pattern at $0.2286. The C&H pattern is also a popular bullish sign. 

Also, the MACD and other oscillators have soared. Therefore, the path of the least resistance for the Dogecoin price is bullish, with the next point to watch being at $0.60.

Read more: Cardano Price Prediction: To Surge 35% Amid Rotation from SOL to ADA

Contributors

Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.