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.
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DOGE price forecast
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.
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