Investor Peter Brandt recently tweeted that meme coin of Dogecoin suggests that it has already entered another bull market cycle.
According to Peter Brandt, the world’s largest meme token was stuck in a bear channel for more than a year until its recent rally.
Dogecoin had seen tremendous gains in early 2021, with its market cap reaching a staggering $90 billion. However, his crazy run came to a halt this past May.
Despite several attempts to break out of the big bear channel, Dogecoin continued its decline earlier this year.
Dogecoin’s Bearish Channel Broken According To Analyst Peter Brandt
However, it seems that DOGE has not yet played its final trump card. The meme token has had an impressive rally this week as Elon Musk bought Twitter.
According to Brandt, the most recent rally led to the upside break of the aforementioned bearish channel that started in May 2021.
A bearish channel consists of two parallel lines (support line and resistance line). This is one of the most widely used technical patterns among traders.
Bearish channels remain valid as long as the resistance level is not broken.
However, there is still a possibility that this is a false channel exit, so traders need to be careful.
Dogecoin is still down an astonishing 84% from the record high of $0.731578; this is this cryptocurrency It means that those who buy at the top still suffer big losses.
*Not investment advice.
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