As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen enough bull and bear cycles to know that predictions can be tricky. However, when a veteran like Peter Brandt makes a bullish call on Dogecoin, it’s hard not to take notice. His analysis of the channel breakout and underlying price accumulation certainly paints a constructive picture for DOGE.
Seasoned trader Peter Brandt has expressed a positive outlook towards the canine-themed digital currency, Dogecoin (DOGE), igniting curiosity among cryptocurrency enthusiasts.
In a recent tweet, Brandt stated DOGE has confirmed a channel breakout, which might be accompanied by massive underlying price accumulation and new all-time highs (ATHs).
In his tweet, Brandt shared an image of the Dogecoin weekly graph, emphasizing a breakthrough beyond a declining trendline.
In light of current events, Brandt’s optimistic perspective indicates that we might soon reach new all-time highs due to this pattern breakout.
In Musk we Trust$DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner @elonmusk
— Peter Brandt (@PeterLBrandt) November 6, 2024
On previous occasions, Brandt has expressed similar views. In a recent analysis conducted towards the end of September, Brandt pointed out a channel breakout on the DOGE/USDT weekly chart and suggested that the long-term chart might also indicate a positive trend.
At present, the overall cryptocurrency sector is witnessing an upward trend, as Bitcoin soars past $75,000 to hit new records. Meanwhile, other alternative coins are also mirroring this positive momentum. It appears that favorable market sentiment may be fueling optimism about Dogecoin’s price increase.
Presently, Dogecoin is experiencing a surge of approximately 17%, currently valued at about $0.1994. Today’s trading has seen it peak at $0.219.
Over the last 24 hours, it’s reported that future contracts for DOGE saw a significant short liquidation amounting to approximately $30.5 million. This substantial figure indicates that some of the price rise might be due to investors covering their losing wagers. If today ends with a positive trend, Dogecoin will have recorded its fourth consecutive day of growth.
Dogecoin primed for wild ride?
Based on crypto analyst Ali’s perspective, we could anticipate some thrilling fluctuations in Dogecoin over the next few days. He noted that during past market upswings, when DOGE exceeded the 0.50 Fibonacci retracement level, it often soared to either the 1.618 or even the 2.272 Fibonacci levels. If this pattern continues, Dogecoin could potentially reach a price ranging from $4 to $23.
For the very first time in the year 2024, Dogecoin has successfully performed a ‘golden cross’ on its daily chart. Remarkably, this will mark the third consecutive November that Dogecoin has experienced this unique and significant pattern in its cryptocurrency market history.
In the month of November 2023, Dogecoin experienced its latest instance of a “golden cross.” Interestingly, the digital currency had also registered a golden cross in November of the previous year, 2022. This makes it three years in a row that this bullish signal has been observed in the same month for Dogecoin.
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2024-11-06 18:32