The current state of the cryptocurrency market has both analysts and traders buzzing with excitement. Well-known trader and analyst Peter Brandt has expressed optimism about the original meme coin, Dogecoin (DOGE). Brandt shared a DOGE/USDT chart, indicating that Dogecoin has broken out of a downtrend channel after being stuck for about half a year. According to Brandt, this breakout could signal the start of a new upward move for DOGE.
Peter Brandt Expects a Strong Rally for Dogecoin!
As reported by Turkish NY Radio, meme coins have made significant moves as the market gains momentum. After a long pause, Dogecoin has delivered a rally, much to the delight of its investors. Some analysts suggest that this could be just the beginning. Before entering a downward channel, Dogecoin had spent two years trading within a horizontal channel, between a low of $0.05 and a peak of $0.2100 in March. Since then, the cryptocurrency has been declining but is now showing signs of a breakout. Brandt highlighted that even a longer-term chart looks constructive for the meme coin, playfully stating, “Play nice, little doggy.”
In the last 24 hours, Bitcoin’s 1.8% gain has coincided with Dogecoin’s impressive 7.4% rise, reaching a local peak of $0.1236 before slightly retreating to $0.1234 at the time of writing.
Analyst: DOGE Aiming to Confirm Its Breakout!
Meanwhile, seasoned crypto analyst Ali Martinez believes that Dogecoin is currently trying to confirm its breakout after surpassing the $0.111 resistance level. Martinez also noted that in the past two days, whales have accumulated 1.4 billion Dogecoins from centralized exchanges, further boosting confidence in the meme coin’s potential rally.
Dogecoin’s Founder Calls on SEC for Clarification
In another development, Dogecoin co-founder Billy Markus has called on SEC Chairman Gary Gensler to officially recognize that Dogecoin is not a security. Markus, who goes by Shibetoshi Nakamoto on social media, pointed out that Dogecoin was built on Bitcoin’s code. He argued that since the SEC classifies Bitcoin as a commodity, the same status should be granted to DOGE.
