Dogecoin To The Moon? Trading Guru Sees A Bullish Breakout on the Horizon—Here’s Why
28 Setembro 2024 - 5:00AM
NEWSBTC
Veteran commodity trader Peter Brandt recently drew attention to
Dogecoin (DOGE), the largest meme-based cryptocurrency by market
capitalization, suggesting a potential bullish breakout. Brandt
shared a DOGE/USDT chart in a post on X, pointing to a breakout
DOGE has recently achieved from a descending channel that the asset
has been stuck in for over half a year. Related Reading: Dogecoin
Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First?
Identified Bullish Momentum in Dogecoin The chart shared by Brandt
further reveals that DOGE, which had previously been trading within
a horizontal channel for roughly two years between July 2022 and
July 2024, experienced fluctuations between a lower trend line of
$0.05 and an upper level of $0.1181. DOGE peaked at $0.2100 in
March before entering its descending pattern. Now, signs indicate
that DOGE might be breaking free from this downward trend. Brandt
emphasized that the longer-term chart for DOGE could be considered
“constructive,” supporting his analysis with the encouraging
message, “Get along little doggie.” So far, DOGE has been riding
the positive wave seen in the broader crypto market. The asset’s
price climbed 8.2% in the past 24 hours, trading at around $0.1235.
While this upward trend aligns with the market’s general bullish
sentiment, Brandt’s technical analysis suggests that DOGE’s
breakout could signal the beginning of a more sustained upward
movement. Other Bullish Indicators for DOGE’s Momentum Peter
Brandt’s observation is not the only bullish sentiment surrounding
Dogecoin. Another prominent crypto analyst, Ali, recently noted
that DOGE appears to be showing strength. In an X post uploaded on
September 26, Ali pointed out that DOGE has experienced a Relative
Strength Index (RSI) and price breakout from multi-month
downtrends. Furthermore, the asset has received a buy signal from
the SuperTrend indicator. These developments indicate that momentum
is potentially shifting toward the meme-based cryptocurrency.
Before DOGE’s surge above $0.12 today, Ali had set specific
conditions for a full-fledged bullish rally for the asset. These
conditions included breaking the descending trendline of RSI on the
daily chart and pushing past a resistance level of $0.11. #Dogecoin
is gearing up for a bullish breakout! Watch for two key signals:
⭕️First, RSI breaking the descending trendline on the daily chart.
⭕️And second, $DOGE surging past the $0.11 resistance!
pic.twitter.com/7i1QMXNi3F — Ali (@ali_charts) September 19, 2024
With DOGE successfully achieving both conditions, the analyst’s
sentiment has grown increasingly positive about the possibility of
an extended rally. Related Reading: Dogecoin Wins Over Major Demand
Zone: Path To $0.15 Now Clear? DOGE’s ability to break key
technical levels provides a favorable outlook for further price
appreciation, indicating that the current rally might not be just a
short-term burst. Featured image created with DALL-E, Chart from
TradingView
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