Veteran analyst and crypto trading legend Peter Brandt says meme token Dogecoin (DOG) has technically broken the trend that has kept the coin bearish for nearly a year and a half.
Brandt, who is known for calling Bitcoin’s (BTC) epic collapse after its 2017 bull run, says Dogecoin’s recent rally has ended a series of lower highs that began in May 2021 when DOGE printed its all-time high of $0.73.
“This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high. DOGE.”
Although Brandt kaže that Dogecoin is no longer in bear territory, he highlights that the recent move does not indicate that the memecoin will abruptly start a new bull market.
The trader suggests that Dogecoin may now be in a period of sideways accumulation after a prolonged downtrend.
“Uobičajena greška koju čine početnici i oni koji žele da budu trgovci je pretpostavka da je kraj medvjeđe faze tržišta automatski signal da je počelo bikovsko tržište. Ova pretpostavka je najčešće pogrešna.”
At time of writing, Dogecoin is valued at $0.126, up 2.76% on the day. Although the eighth-largest crypto by market cap has risen by over 100% in the last seven days, it is still down over 82% from its all-time high.
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Source: https://dailyhodl.com/2022/11/01/legendary-trader-peter-brandt-says-meme-token-dogecoin-doge-has-ended-17-month-long-downtrend/