Veteran trader Peter Brandt says the dogecoin bear market that began last May is over. His comments come on the heels of a surge in dogecoin prices following Tesla CEO Elon Musk’s acquisition of social media platform Twitter.
Peter Brandt on the outlook for DojiCoin
Veteran trader Peter Brandt shared his analysis of the Dogecoin (DOGE) on Sunday. Brandt has been a career futures and forex trader since 1975. He is a chartist and author of The Factor Report. He trades a variety of markets including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, USD, and sugar.
Tweeting a chart of DOGE, Brandt said, “This is called a bear channel and its upward violation ended the bear market that began at the May 2021 high.” He wrote.
But in a separate tweet, Brandt warned traders not to fall into the common mistake of thinking that the end of a bear market automatically means the start of a bull market. He cautioned.
A common mistake made by beginners and would-be traders is to assume that the end of a bear market automatically signals the start of a bull market. This assumption is almost always incorrect.
Some have replied to his tweet by pointing out that it could be a false breakout and that the subsequent period of consolidation could determine where the dogcoin price is actually headed. Many believe that the recent doozy pump is the “Elon effect” stemming from the Tesla CEO’s purchase of Twitter.
After Musk bought Twitter, the price of Doogecoin began to soar; the billionaire sometimes known as Dogefather in the dogeecoin community completed his acquisition of the social media giant on Thursday. In the past, his support for the meme cryptocurrency often drove up the doge’s price.
Musk previously revealed that he owns three cryptocurrencies: bitcoin, ether, and dojecoin. In June, the Tesla CEO confirmed that he would continue to purchase and support DOGE and stated several times that meme coins have potential as a currency.
His electric car company, Tesla, accepts meme cryptocurrency for some products, and his Boring Company accepts DOGE payments for some vehicles. He also said Spacex will soon accept dogecoin as a commodity. Many dogecoin supporters expect Mr. Musk to leverage meme crypto as he tries to improve Twitter, saying in May that Mark Cuban’s idea of using DOGE to solve Twitter’s spam problem was “not a bad idea.”
At the time of this writing, DOGE was trading at $0.116263, down nearly 9% in the past 24 hours but up 95% in the past seven days.
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