In a recent tweet, trader Peter Brandt suggests that the popular altcoin Dogecoin has entered another bull market cycle. Here are the details…
Peter Brandt: Dogecoin breaks bearish channel
cryptocoin.com As we have also reported, Dogecoin (DOGE) was moving in certain price ranges until recently. It was stuck in a bear channel for over a year until a recent rally. Dogecoin saw massive gains in early 2021. Its market value reached $90 billion. However, his wild run came to a halt last May. However, the coin has experienced a serious rise over the past week. This situation caused popular analyst Peter Brandt to comment on the subject.
This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high $DOGE pic.twitter.com/pZT5yxMje6
— Peter Brandt (@PeterLBrandt) October 30, 2022
According to Brandt, the most recent rally led to an upside break of the “bearish channel” that started in May 2021. A bearish channel is formed by two parallel lines (support line and resistance line). This is one of the most widely used technical patterns among traders. As long as the resistance level is not broken, bearish channels remain valid. However, according to experts, this could still be a sign of a false breakout. Therefore, traders need to be careful. Apart from that, it’s worth noting that DOGE is down over 80 percent from its all-time high of $0.73. So, those who bought the cryptocurrency at its peak are still at a huge loss.
Altcoin price jumps
Dogecoin has recorded a massive 105 percent weekly gain. DOGE is trading at $0.119, according to data. It briefly touched the $0.140 mark, but it also immediately entered a moderate price correction phase. Dogecoin started to recover on October 25, when the crypto market came out of the crash. The asset continued its upward movement after the news that Elon Musk had finalized the acquisition of social media giant Twitter for $ 44 billion. Spot trading price isn’t the only department where it has performed well over the past few days, as DOGE is in the midst of bullish momentum.
Dogecoin was among the top 10 cryptocurrencies in terms of market capitalization and managed to surpass Cardano. The altcoin more than doubled its market cap of $8.1 billion before the impressive price increase. Thus, it ranks 8th with a total valuation of $16,468 billion. It is currently ahead of Cardano ($14.15 billion) and Solana ($11.8 billion).
It is also doing well in terms of trading volume on various crypto exchanges. On Coinbase, it ranked third in the list of most traded cryptocurrencies in the same time frame. It has reached a volume of $302 million in the last 24 hours. Also, on Binance, transactions between DOGE and stablecoin Tether reached $1.8 billion in the past day. This accounted for 10 percent of the platform’s total trading volume in that time frame.
