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Veteran trader Peter Brandt has made a bullish prediction on dog-themed cryptocurrency Dogecoin (DOGE), which has sparked interest within the crypto community.
In a recent tweet, Brandt stated DOGE has confirmed a channel breakout, which might be accompanied by massive underlying price accumulation and new all-time highs (ATHs).
Brandt included a screenshot of Dogecoin's weekly chart in his tweet, highlighting a breakout from a downward channel.
Amid this, Brandt's bullish take suggests that new ATHs might be around the corner given this pattern breakout.
In Musk we Trust$DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner @elonmusk pic.twitter.com/tiEjke1in0
— Peter Brandt (@PeterLBrandt) November 6, 2024
This would not be the first time Brandt would be speaking along these lines. In a late September analysis, Brandt highlighted a channel breakout in the DOGE/USDT weekly chart, noting that its longer-term chart could be constructive as well.
The broader cryptocurrency market is currently experiencing a rally, with Bitcoin reaching new highs of above $75,000, and other altcoins following suit. Positive market sentiment is likely contributing to the bullish outlook for Dogecoin.
Currently, Dogecoin is trading up 17% at around $0.1994, reaching highs of $0.219 in today's trading session.
Futures tracking DOGE reported $30.50 million in short liquidations over the past 24 hours, an extremely high figure that suggests part of the surge might have been driven by covering losing bets. If today closes in green, Dogecoin will mark its fourth straight day of gains.
Dogecoin primed for wild ride?
According to crypto analyst Ali, Dogecoin may be in for a wild ride in the coming days. He observed that in previous bull cycles when DOGE broke the 0.50 Fib retracement, it frequently surged to the 1.618 or even 2.272 Fib levels. If history repeats itself, Dogecoin might achieve a price between $4 and $23.
Dogecoin just completed a golden cross on its daily chart for the first time in 2024. It would be the third consecutive November that Dogecoin has seen a golden cross, a rare and noteworthy pattern in the cryptocurrency's trading history.
Dogecoin's last golden cross was recorded in November 2023. The cryptocurrency also achieved a golden cross in November 2022, marking three consecutive years when this bullish signal appeared in the same month.