- Dogecoin breaks free from a descending channel, challenging the bearish trend since late 2022.
- With four consecutive bullish candles, Dogecoin surged 39% from its October low to $0.07827, eyeing a potential 90% gain to $0.15.
- Whales injected over $2 billion in 30 days, coupled with rising social media dominance, hinting at a strong DOGE rally.
Dogecoin (DOGE) has staged an impressive comeback, defying a prolonged downward trend that persisted since the latter part of 2022. Crypto analyst Rekt Capital, renowned for dissecting market trends, confirmed the breakout in a recent social media platform X post.
The charts tell a compelling story, depicting Dogecoin’s struggle within a descending channel pattern. However, the tides began to turn in mid-October, marking a pivotal moment for the cryptocurrency.
Four consecutive bullish candles have propelled Dogecoin a staggering 39% from its October low, currently trading at $0.07827. The crypto community now eagerly anticipates the potential for a further 90% surge, setting sights on the significant milestone of $0.15.
Source: Rekt Capital
The breakout from the descending channel is a noteworthy development, challenging the bearish grip that had dominated the market for the better part of a year. This shift in momentum, highlighted by Rekt Capital’s analysis, signifies a crucial departure from the lower highs and lower lows that characterized Dogecoin’s performance.
What adds fuel to the bullish fire is the substantial investment from whales. Over the past 30 days, these influential market players injected a staggering $2 billion into Dogecoin, driving up its value and sparking renewed interest. This influx of capital, coupled with a surge in social media dominance, indicates a growing bullish sentiment in the short term.
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The post Dogecoin Soars 39% from October Low: Analyst Anticipates Bullish Breakout appeared first on Crypto News Land.
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