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.