Legendary Trader Peter Brandt Issues Bullish DOGE Tweet: “Get Along Little Doggie”

Renowned Analyst Highlights Dogecoin Breakout

Peter Brandt, a well-respected commodity trader, has identified a potential breakout in the DOGE/USDT chart. Brandt observed that Dogecoin has been trending in a descending channel for approximately six months and is now breaking out of the channel.

Historical Price Movements

Prior to the descending channel, Dogecoin spent two years (July 2022 to July 2024) in a horizontal channel, ranging between $0.05 and $0.1181. In March, DOGE peaked at $0.2100 before falling into the descending channel.

Technical Analysis

Brandt believes that Dogecoin is likely to experience an upward trend following the breakout. He also noted that a longer-term chart indicates a potential for a constructive trend.

Recent Price Surge

In the wake of a recent Bitcoin surge, Dogecoin has experienced a significant increase of 14.9% over the past 24 hours. At the time of writing, DOGE is trading slightly lower at $0.1225.

Analyst's Viewpoint

Cryptocurrency analyst Ali Martinez suggests that Dogecoin may confirm a bullish breakout if it holds above $0.111. Martinez noted that 62,270 wallets currently hold over 36 billion DOGE, indicating significant support at this level.

Whales Accumulate

Martinez also highlighted that over the past two days, whales have purchased approximately 1.40 billion Dogecoin from centralized exchanges.

Dogecoin Founder's Statement

Billy Markus, the co-creator of Dogecoin, has called on the SEC to recognize DOGE as a non-security. Markus argues that Dogecoin is based on the Bitcoin code and should be classified as a commodity, similar to BTC.