Dogecoin supporters celebrate a 35% increase in the past month. While this is good news, other altcoins like this too Solana, Chain linkAnd Cardano (ADA) have done above average, with gains of 170%, 118% and 55% respectively in the same time frame.
According to a crypto analyst, DOGE’s rally is not over yet as recent price action suggests the crypto is on the verge of a bullish breakout.
Crypto analyst confirms Dogecoin outbreak
According to crypto analyst Rekt Capital, Dogecoin has officially broken out of the descending channel pattern. The analyst confirmed this in a recent post on social media platform
A look at the price action on the chart indicates that Dogecoin is in 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 trend lines to indicate that the bears have great control over the price. market. By mid-October, however, things began to change, and an outbreak beyond the channel top became noticeable.
Retesting was successful
Dogecoin has taken the right steps to confirm 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 bouncing back from the channel bottom. Rekt Capital has previously emphasized that a weekly shutdown of the channel would do that to bring about a trend shift, as the crypto has only registered misleading fuses at this point over the past year. After a short retest, a break over the resistance trend line has now been confirmed.
Bitcoin (BTC) is currently trading at $37.081. Chart: TradingView.com
What’s next for Doge?
Rekt Capital’s previous analysis shows that in case of a strong breakout, the price rally is just above the channel’s highest peak, which is $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 the current price and a 163% gain from the October bottom.
DOGE eventually broke through the $0.076 level a few days ago while whales worked tirelessly to push the meme coin to a rally. Data from IntoTheBlock shows that whales have this too injected more than 2 billion dollars in DOGE in 30 days. Social dominance on social media is also increasing, indicating a bullish sentiment in the short term. Popular anonymous crypto analyst Kaleo believes there will be a stronger rally when DOGE finally crosses $0.08.
fwiw – still hasn’t started yet, don’t think we really see any crazy momentum until 8 cents is cleared
— KALEO (@CryptoKaleo) November 11, 2023
While DOGE is still the ninth largest cryptocurrency by market cap, the meme token is now well below its all-time high of $0.65.
Featured image from iStock
