As a seasoned crypto investor with over two decades of trading under my belt, I find myself intrigued by the recent developments surrounding Dogecoin (DOGE). Peter Brandt, a respected commodity trader, has predicted that DOGE is breaking out of its downward channel and could potentially start rising. This is noteworthy, given his extensive experience in both traditional markets and crypto.
Famous commodity trader Peter Brandt recently shared a Dogecoin (DOGE) versus Tether (USDT) chart, stating that DOGE appears to be currently escaping from its prolonged downward trend, having been within this channel for approximately six months.
According to Brandt’s provided graph, the popular meme cryptocurrency Dogecoin appears to be escaping its negative trendline (downward channel) and Brandt predicts that DOGE might begin an upward trend.
Before the downward trend, the meme cryptocurrency stayed within a horizontal channel for about two years (from July 2022 to July 2024), fluctuating between a lower boundary at $0.05 and an upper boundary at $0.1181 until it reached its highest point of $0.2100 in March. Since then, the coin has been moving within a descending channel, hinting that it might break out soon.
As an analyst, I noted Brandt’s observation that a long-term perspective might prove beneficial. In a supportive tone, I echoed his sentiment through a playful phrase: “Hang in there, small friend.
Over the past 24 hours, Dogecoin saw an astonishing rise of 14.9%, with its value peaking at $0.1236. However, at the moment, it’s being traded just a bit lower – at $0.1225.
DOGE strives to confirm bullish breakout: analyst
According to an update from U.Today, crypto analyst Ali Martinez recently posted on Twitter that the leading meme cryptocurrency seems poised to validate its bullish trend following a spike over the resistance at approximately $0.111. As a fellow investor in this space, I’m keeping my eyes on this development and eagerly awaiting potential confirmation of further gains.
In Martinez’s words, he stated that 62,270 wallets contain over 36 billion DOGE. If the coin continues to hold its current level, it would signal an upcoming bullish surge. With no significant barriers ahead, the route to $0.150 seems open according to Ali.
He also tweeted that over the past two days, whales have scooped up a whopping 1.40 billion Dogecoin from centralized crypto exchanges.
Dogecoin founder urges SEC to admit DOGE is not security
On Thursday, Billy Markus, one of the co-creators of Dogecoin (initially developed in 2013 alongside Jackson Palmer), addressed a plea to Gary Gensler, the head of the Securities and Exchange Commission (SEC). His request was for Gensler to acknowledge that Dogecoin is considered a non-security.
Markus, also known as Shibetoshi Nakamoto on the X platform, expressed that Dogecoin shares its foundation with Bitcoin because it’s based on Bitcoin’s code. Since the Securities and Exchange Commission (SEC) classifies Bitcoin as a commodity, Markus suggests that Dogecoin should be identified similarly, according to his belief as a software engineer.
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2024-09-27 11:14