Legendary Analyst Gives the Signal for This Meme Coin: It’s Ready to Run!

Dogecoin Poised for a Bullish Rally, Analysts Say

Analysts and traders are abuzz with optimism about the current cryptocurrency market. Prominent trader and analyst Peter Brandt has expressed bullish sentiment towards the original meme coin, Dogecoin (DOGE).

Breakout Signals Potential Upswing

Brandt shared a DOGE/USDT chart indicating that Dogecoin has broken out of a downtrend channel after nearly six months. This breakout, according to Brandt, could mark the beginning of a new upward trend for DOGE.

Strong Gains and Accumulation

In the past 24 hours, Dogecoin has rallied by an impressive 7.4%, reaching a local peak of $0.1236. It has since retreated slightly, trading at $0.1234 at the time of writing. According to analyst Ali Martinez, Dogecoin is attempting to confirm its breakout after surpassing a resistance level of $0.111. Martinez also observed that whales have accumulated 1.4 billion Dogecoins from centralized exchanges, providing further support for a potential rally.

Call for SEC Clarity

Dogecoin co-founder Billy Markus has urged SEC Chairman Gary Gensler to clarify that Dogecoin is not a security. Markus, known as Shibetoshi Nakamoto on social media, emphasized that Dogecoin is based on Bitcoin's code. He argues that since the SEC classifies Bitcoin as a commodity, the same status should be granted to DOGE.

Positive Sentiment and Technical Indicators

Analysts are cautiously optimistic about Dogecoin's prospects. The coin's technical indicators, including the recent breakout and strong accumulation, suggest a potential upward move. However, it remains to be seen if this momentum will be sustained.