thecryptobasic.com
Experienced trader Peter Brandt has identified a bullish price trend for Dogecoin, the largest meme coin by market cap.
Brandt shared in a recent tweet that Dogecoin has recorded a massive price breakout. Despite his reputation for being extremely strict and cautious in his trading strategy and asset choices, he has maintained his bullish stance on the joke-themed token, as confirmed by his Saturday post.
Huge Dogecoin Breakout
Specifically, Brandt reacted to Dogecoin’s recent push past $0.30 over the weekend. The prominent meme coin surged 11% to an intraday high of $0.3074 on Saturday, mirroring a broader market trend.
Dogecoin Rally Despite Delayed ETF Launch
Notably, the price uptick comes despite a delay in the launch of the Rex Osprey Dogecoin exchange-traded fund (ETF). Initially, analysts shared that the investment product would launch on Thursday, September 11, but faced a delay.
The launch was rescheduled for September 12, but a similar roadblock occurred. However, Bloomberg ETF analyst James Seyffart has announced that the $DOGE ETF will likely go live on September 18.
Nonetheless, the delay did not slow down the buzz around the Dogecoin ecosystem, as it continued to rally. It recorded a 3.70% growth on Thursday, followed by a 7.80% increase on Friday, before a 4.94% rally on Saturday.
More Upsides for Dogecoin?
Meanwhile, the recent surge could mark the beginning of a bullish price trend for Dogecoin. According to Bitcoinsensus, a significant move is coming for $DOGE, as he expects an expansion within a broadening ascending channel.
Specifically, he predicted that the next target for Dogecoin is $1.40, representing a 402% growth from its current market price of $0.2785.
Moreover, the analyst expects this week to be massive, particularly with the anticipated launch of the first-ever meme coin ETF. He emphasized that the fund could trigger a new influx of capital into the Dogecoin market, as seen with the Bitcoin and Ethereum ETFs.