Having witnessed the currency break out from a six-month downtrend channel, commodity trader Peter Brandt has indicated that Dogecoin (DOGE) may be due for a bullish run. Brandt’s analysis revealed that Dogecoin had been range-bound in a descending channel from March when it hit a high of $0.2100.
According to Brandt, DOGE is starting to look like it is breaking out, which means that this cryptocurrency might increase in value in the coming days. Brandt pointed out that Dogecoin ranged between $0.05 and $0.1181 from July 2022 to July 2024.
Dogecoin then formed a descending channel, which appears to be breaking out of it currently. His analysis also reveals that a longer-term chart for DOGE could show a positive direction for the coin’s price.
Over the past day, Dogecoin has risen 7.47% after Bitcoin grew by 2% and touched the local high of $0.1236. However, at the time of writing, DOGE is down, trading at $0.1225. T
his price action comes after weeks and months of price consolidation and recent upward movements, which could support Brandt’s analysis that a bullish breakout is underway.
Dogecoin Poised for Growth, Analyst Confirms
Cryptocurrency analyst Ali Martinez identified bullish signs for Dogecoin after it broke through the $0.111 resistance level. According to Martinez, 62,270 wallets own more than 36 billion DOGE at such a vital price level. If Dogecoin is to remain above this level, it may advance towards $0.150 in the future.
According to Martinez, there is virtually no significant resistance to Dogecoin hitting $0.150, so the rally is plausible. However, he also pointed out that investors have purchased 1.4 billion DOGE from centralized exchanges within the last 48 hours. This could further push the coin’s price as more big investors buy into it, as demand is already high.
In cryptocurrency markets, whales tend to move before significant price changes, and this pattern may still help push Dogecoin higher. According to Martinez, Brandt is correct, further strengthening the belief in DOGE’s bullish trend.
Markus Calls for DOGE Commodity Recognition
With the price of Dogecoin still rising, co-founder Billy Markus has once again joined in the discussion regarding the coin’s status as a non-security. Markus, who also goes by Shibetoshi Nakamoto, called on SEC Chairman Gary Gensler to acknowledge DOGE as a commodity.
Markus stated that as Dogecoin is a Bitcoin fork classified as a commodity, DOGE should be granted the same status. This legal controversy over Dogecoin’s status occurs when the regulation of cryptocurrencies strengthens.
A clear ruling from the SEC can positively impact market opinion and increase the demand for DOGE even more. Before now, the SEC has not responded to the matter, but the demand for more clarity on Dogecoin’s status has brought more dynamics to its market direction.
