Peter Brandt is bullish on Dogecoin (DOGE) breaking out of a descending channel

Legendary trader Peter Brandt posted a DOGE/USDT chart, noting that Dogecoin (DOGE) is breaking out of a descending channel that has lasted for more than half a year, indicating that prices may rise. Before entering this channel, DOGE fluctuated between $0.05 and $0.1181 from July 2022 to July 2024, until it reached a high of $0.2100 in March this year. Now, DOGE is showing signs of a breakout.

Brandt is optimistic about the long-term trend of Dogecoin and encouraged on Twitter: "Come on, puppy." In the past 24 hours, Bitcoin rose 4%, while DOGE surged 14.9% to a high of $0.1236, and the current price is slightly lower at $0.1225.

Analysts are bullish on DOGE confirming a breakout

Crypto analyst Ali Martinez pointed out that Dogecoin is looking for further confirmation after breaking through the $0.111 resistance level. Currently, there are more than 62,000 wallets holding more than 36 billion DOGE, and if the price can maintain this level, it may usher in further gains. He also said that the road to $0.150 is relatively smooth.

In addition, large holders have purchased 1.4 billion DOGE from centralized exchanges in the past two days.

Dogecoin founder calls on SEC to recognize DOGE as a non-security

Dogecoin co-founder Billy Marcus called on the U.S. Securities and Exchange Commission (SEC) to treat DOGE as a non-security, arguing that it is similar to Bitcoin, which is identified as a commodity, because Dogecoin was created based on Bitcoin code.