As a seasoned commodity trader with over three decades of experience under my belt, I have learned to pay close attention when industry veterans like Peter Brandt share their insights. His recent analysis of Dogecoin (DOGE) has piqued my interest, and as someone who has seen the market ebb and flow through various cycles, I can’t help but see a potential bullish breakout in DOGE.
As a dedicated researcher delving into the dynamic world of cryptocurrencies, I’ve been intrigued lately by the insights shared by veteran commodity trader Peter Brandt. His recent focus on Dogecoin (DOGE), the leading meme-based crypto by market cap, has particularly caught my attention. He hinted at a possible bullish breakout in this digital asset, a perspective that undeniably piques my interest and warrants closer scrutiny.
Brandt posted a chart comparing DOGE to USDT on X, highlighting the recent breakthrough DOGE made after being confined within a declining channel for more than six months.
Identified Bullish Momentum in Dogecoin
Brandt’s chart shows that the price of DOGE, over a period of approximately two years from July 2022 to July 2024, moved within a horizontal range. This range was defined by a lower trend line at $0.05 and an upper limit at $0.1181. In simpler terms, the value of DOGE fluctuated between these two price points during this timeframe.
In March, DOGE reached a high of $0.2100, then started following a declining path. However, recent indicators suggest that DOGE may be escaping this negative trajectory.
Brandt indicated that the long-term outlook for DOGE is “optimistic,” backing up his assessment with the uplifting statement, “Keep moving forward, small dog.” To date, DOGE has been sailing on the favorable tide sweeping through the overall cryptocurrency sector.
In the last day, the value of the asset increased by 8.2%, currently sitting at approximately $0.1235. This surge follows the overall optimistic trend in the market, but according to Brandt’s technical analysis, Dogecoin’s recent breakout might indicate the start of a prolonged price rise.
Other Bullish Indicators for DOGE’s Momentum
Peter Brandt’s viewpoint isn’t the sole optimistic outlook on Dogecoin. A well-known cryptocurrency analyst, Ali, has also pointed out that Dogecoin seems to demonstrate resilience lately.
On September 26th, Ali’s X post highlighted that the cryptocurrency Dogecoin (DOGE) has shown a significant shift following a breakout in its Relative Strength Index (RSI) and price, which had been trending downward for several months.
Additionally, the asset’s SuperTrend indicator has triggered a buy signal. This suggests that the momentum could be moving in favor of the meme-based cryptocurrency.
Prior to DOGE‘s rise above $0.12 today, Ali had established certain criteria for a robust bullish trend in the asset. These criteria involved breaking the falling trendline of the RSI on the daily chart and surpassing a resistance level at $0.11.
#Dogecoin is gearing up for a bullish breakout! Watch for two key signals:
Initially, RSI (Relative Strength Index) crossing above its downward sloping trendline on the daily graph.
— Ali (@ali_charts) September 19, 2024
As a crypto investor, I’ve seen DOGE meet all the necessary criteria, and my optimism for a sustained upward trend has significantly increased.
The fact that DOGE is managing to surpass important technical thresholds suggests a positive trend for potential growth in its value, hinting that this recent surge could extend beyond the short term.
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2024-09-28 11:10