Dogecoin (DOGE) Is Back in the News, With Its Price up 150% This Month Alone

The meme-inspired cryptocurrency, long seen as a sign of people getting carried away with the hype, is once again getting the attention of analysts

Dogecoin (CRYPTO: DOGE) has captured the attention of traders once again as its price continues to soar. Among those keeping a close eye on the meme-inspired cryptocurrency is veteran technical analyst Peter Brandt, who has been trading the financial markets for over four decades now.

Brandt's initial observation was that Dogecoin's chart is displaying an inverted head-and-shoulders pattern, a classic technical formation that could be signaling a trend reversal. In this case, it might suggest that DOGE is preparing to rally back toward its all-time high, which was close to $0.73.

However, upon further examination, other market participants have brought forth different ideas. One follower's comment stood out, suggesting that DOGE might instead be forming an "upsloping flag," a technical pattern that is often associated with continuation trends.

Brandt acknowledged that he had also considered this perspective. If the flag completes its formation, it could point to a price target of around $0.66, which would align with the ongoing bullish momentum.

It's worth noting that these are all speculative observations, and the actual price trajectory of Dogecoin will ultimately depend on a multitude of factors, including market sentiment, news events and the broader crypto market conditions.

Having said that, Brandt's analysis does provide a valuable perspective, especially considering the vast experience he brings to the table. It's also interesting to note that even for a cryptocurrency that began as a joke, the technical analysis surrounding DOGE is becoming increasingly sophisticated.

As the dust settles and the price action unfolds, it will be fascinating to see whether any of these patterns play out as expected. If they do, we could be in for another big move for the "joke" coin that just won't quit. A return to $0.66 or higher would certainly be another major milestone for a coin whose market dynamics are as unconventional as its origins.