Renowned commodity trader Peter Brandt has published a DOGE/USDT chart, saying that DOGE is breaking out of the downward channel at the moment after staying roughly half a year there.
On the chart shared by Brandt, the largest meme cryptocurrency, Dogecoin, is breaking out of the downward channel, and Brandt expects that DOGE is likely to start rising.
Prior to the descending channel, the meme cryptocurrency spent two years (from July 2022 to July 2024), moving in the horizontal channel between the $0.05 lower trend line and $0.1181 until it reached a peak at $0.2100 in March. Since then, the coin has been in a descending channel, showing signs of breaking out now.
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Brandt pointed out that a longer term chart could be constructive as well and tweeted supportively: “Get along little doggie.”
Channel breakout in $DOGE/USDT
Longer term chart could be constructive as well
Get along little doggie pic.twitter.com/EHMP1inBlj
— Peter Brandt (@PeterLBrandt) September 26, 2024
Following the 4% Bitcoin surge over the past 24 hours, Dogecoin staged a mind-boggling increase of 14.9% over the same time frame, reaching a local high of $0.1236. At the time of this writing, though, it is changing hands slightly lower – at $0.1225.
DOGE strives to confirm bullish breakout: Analyst
As reported by U.Today earlier, cryptocurrency analyst Ali Martinez tweeted that the largest meme digital currency is currently looking for a chance to confirm its bullish breakout after surging past the resistance at the $0.111 level.
There, Martinez said, 62,270 wallets hold more than 36 billion DOGE. If the coin manages to maintain its position at this level, a further bullish rally would be confirmed. Since there no “major supply walls in sight, the path to $0.150 looks clear!” Ali says.
He also tweeted that over the past two days, whales have scooped up a whopping 1.4 billion Dogecoin from centralized crypto exchanges.
On Thursday, Billy Markus, who teamed up with Jackson Palmer to create Dogecoin in 2013, urged chairman of the Securities and Exchange Commission Gary Gensler to admit that DOGE qualifies as a nonsecurity.
Shibetoshi Nakamoto (Markus’s nickname on the X platform) stated that Dogecoin is built on the Bitcoin code, and since the SEC has qualified BTC as a commodity, DOGE should be given the same label, the software engineer believes.
