Dogecoin supporters are celebrating a 35% increase in the last month.While this is good news, other altcoins like Solana , Chainlink , and Cardano (ADA) have outperformed, with gains of 170%, 118%, and 55%, respectively, in the same timeframe.
According to one crypto analyst, DOGE’s rally isn’t over, as recent price action suggests the crypto is on the verge of a bullish breakout.
Crypto Analyst Confirms Dogecoin Breakout Dogecoin has officially broken out of a descending channel pattern, according to crypto analyst Rekt Capital.The analyst confirmed this in a recent post on social media platform X.Rekt Capital has been following the meme token in a series of posts in a thread since August, sharing updates of its price on a 1-week DOGE/USD chart.
Related Reading: New All-Time Highs For Bitcoin In 2023? Analyst Shares Ultra Bullish Prediction A look into price action on the chart indicates Dogecoin has been on a downward channel starting from the last quarter of 2022.Since then, DOGE has created a series of lower highs and lower lows between the trendlines to indicate the bears having major control of the market.However, things started to change in the middle of October, and a breakout past the channel top became glaring.
$DOGE
Retest was successful
Dogecoin has made all the right steps in confirming a breakout from its Channel #DOGE #Crypto #Dogecoin https://t.co/UH5IRtccST pic.twitter.com/004LK14lN2
— Rekt Capital (@rektcapital) November 11, 2023
At the time of writing, the meme token has formed four consecutive bullish candles since it rebounded from the channel bottom.Rekt Capital has previously emphasized that a weekly close over the channel would cement a shift in trend , as the crypto has only registered misleading wicks over this point in the past year.A breakout over the resistance trendline has now been confirmed after a brief retest.
Bitcoin (BTC) is currently trading at $37.081.
Chart: TradingView.com
What’s Next For Doge? Rekt Capital’s previous analysis has put the price rally in case of a strong break out at just over the top of the channel’s highest high at $0.15.Dogecoin is currently trading at $0.07827 and is already up by 39% from its October bottom.A rally to $0.15 would represent a gain of over 90% from its current price and a gain of 163% from its October bottom.
DOGE finally broke over the $0.076 level a few days ago as whales worked tirelessly to push the meme coin to a rally.IntoTheBlock data shows whales have injected more than $2 billion into DOGE In 30 Days.Social dominance is also rising on social media, indicating a bullish sentiment on the short term.Popular anonymous crypto analyst Kaleo believes a stronger rally will be ignited when DOGE finally crosses over $0.08.
fwiw – still hasn’t started yet, don’t think we really see insane momentum until 8 cents is cleared
— K A L E O (@CryptoKaleo) November 11, 2023
Related Reading: Binance Freezes $11.8 Million In Stolen Assets Following Kidnapping Incident – Details Although DOGE is still the 9th largest crypto in terms of market cap, the meme token is now far below its all-time high of $0.65.
Featured image from iStock
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