Dogecoin supporters celebrate a 35% increase last month. While this is good news, other altcoins like Solana, Chain linkAnd Cardano (ADA) outperformed, with gains of 170%, 118% and 55%, respectively, over the same period.
DOGE’s rally is not over, according to a crypto analyst, as recent price action suggests that 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 /USD over a week.
A look at the price action on the chart indicates that Dogecoin is on a descending channel starting in the last quarter of 2022. Since then, DOGE has created a series of lower highs and lower lows between the trendlines to indicate that the bears have major control over the chart. walk. However, things started to change in mid-October and a breakout beyond the top of the chain became evident.
The new test was successful
– Rekt Capital (@rektcapital) November 11, 2023
At the time of writing, the meme token has formed four consecutive bullish candles since its rebound from the bottom of the channel. Rekt Capital previously highlighted that a weekly close on the channel cement a change in trend, as crypto has only recorded misleading streaks on this point over the last year. A breakout of 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?
Previous analysis from Rekt Capital placed price upside on a strong breakout just above the channel high at $0.15. Dogecoin is currently trading at $0.07827 and is already up 39% from its October low. A rally to $0.15 would represent a gain of over 90% from its current price and a gain of 163% from its October low.
DOGE finally surpassed the $0.076 level A few days ago as the whales worked tirelessly to push the meme piece toward a gathering. IntoTheBlock data shows whales have injected more than 2 billion dollars in DOGE in 30 days. Social dominance is also increasing on social media, indicating a bullish sentiment in the short term. Popular anonymous crypto analyst Kaleo believes a stronger rally will be triggered when DOGE finally crosses $0.08.
fwiw – it still hasn’t started, I don’t think we’ll really see insane momentum until 8 cents is cleared
– KALEO (@CryptoKaleo) November 11, 2023
Although DOGE is still the 9th largest crypto by market cap, the meme token is now well below its all-time high of $0.65.
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