Veteran trader Peter Brandt is bullish on Dogecoin (DOGE), predicting more upside price action for the meme-inspired cryptocurrency. Brandt, who has a large following on social media, recently shared his insights on DOGE’s price movement.
According to Brandt, DOGE is currently breaking out from a nearly seven-month-long downward channel, signaling a potential uptrend. He also mentioned that DOGE looks promising on a long-term time frame, as it found strong support at the $0.05 level during the bear market. Brandt’s chart suggests that DOGE is gearing up for another leg up after a cooling off period following its breakout in March.
At the time of writing, DOGE is trading at $0.129, showing a nearly 4% increase on the day. Brandt’s positive outlook on DOGE contrasts with his skepticism towards Bitcoin (BTC). He believes that Bitcoin is still in a bearish sequence of lower highs and lower lows, and only a significant close above $70,162 would signal a bullish shift in market structure for the leading cryptocurrency.
Despite trading at $65,820, Bitcoin has yet to surpass the critical July highs that Brandt deems necessary for a bullish trend reversal. Brandt’s analysis suggests that Bitcoin’s price movement remains uncertain until it breaks above this key level.
In conclusion, Peter Brandt’s assessment of DOGE and Bitcoin provides valuable insights for cryptocurrency investors. While DOGE appears poised for further gains, Bitcoin’s price action remains in question until it clears the crucial resistance level. Stay tuned for more updates on cryptocurrency market trends and subscribe to receive email alerts directly to your inbox. Follow us on social media platforms like Twitter, Facebook, and Telegram for the latest updates on crypto price action.