The meme king, Dogecoin had seen a splendid price rally after Elon Musk completed a long pending Twitter deal. This is because the new Twitter CEO had earlier announced to introduce Dogecoin payments for Twitter’s blue services. It has also been reported that Elon Musk’s Twitter deal has influenced 62% of Dogecoin (DOGE) investors to gain profit.
However, since the last day Dogecoin is slowly losing its pace and at the time of writing, Dogecoin is trading at $0.117 with a fall of 8.48% over the last 24hrs.
Meanwhile, a veteran trader, Peter Brandt has claimed via Twitter post that Dogecoin has already stepped into another bullish cycle.
Dogecoin (DOGE) Price At $1 ?
After being submerged in bear control for almost a year, in early 2021 the dog themed currency gained a massive market capitalization of $90 billion. However, this couldn’t stay long as the currency tumbled down along with other cryptocurrencies in May after Terra network collapse.
Furthermore, Peter Brandt asserts that the recent price rally of Dogecoin has paved the way for further price rally amidst the bear channel which began in May 2021. Bear channel is nothing but two parallel lines known as the support line and resistance line and this is one of the most commonly used technical patterns by market participants.
Next, the veteran trader also clarified that the end of the bear phase doesn’t necessarily mean that the bull market has begun. He is of the opinion that assuming downtrend breakout to be a sign for uptrend is a common mistake committed by newbies.
Hence, it can be said that until Dogecoin trades under bearish control, the bear channel remains active. The meme king is still down by more than 84% from its record high of $0.731578 indicating a loss for the one who purchased DOGE during its peak.
On the other hand, it is expected that Dogecoin might gain its new heights with an anticipation of considering the currency for Twitter blue service payments. Thus, the currency is still considered as a good buy opportunity.
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Source: https://coinpedia.org/altcoin/peter-brandt-end-of-bear-market-for-dogecoin-doge-at-1-soon/