Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended – Markets and Prices Bitcoin News
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Veteran dealer Peter Brandt says the dogecoin bear market that started in Might final yr has ended. His remark got here after the worth of dogecoin soared following Tesla CEO Elon Musk’s acquisition of the social media platform Twitter.
Peter Brandt on Dogecoin Outlook
Veteran dealer Peter Brandt shared his evaluation of dogecoin (DOGE) Sunday. Brandt has been a futures and FX profession dealer since 1975. He’s a chartist and the writer of the Issue Report. He trades a wide range of markets, together with Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. greenback, and sugar.
Tweeting a chart of DOGE, Brandt wrote: “This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high.”
Nonetheless, Brandt adopted up with one other tweet, warning merchants to not fall for the widespread mistake of assuming that the tip of a bear market robotically means a bull market has begun. He cautioned:
A typical mistake made by novice and wanna-be merchants is assuming that an finish to a bear part of a market is robotically a sign {that a} bull market has begun. This assumption is most frequently flawed.
Some individuals replied to his tweet, declaring that it could possibly be a false breakout and {that a} subsequent interval of consolidation may decide the place the worth of dogecoin is definitely headed. Many consider that the latest DOGE pump is “the Elon effect,” stemming from the Tesla CEO shopping for Twitter.
The worth of dogecoin started hovering after Musk acquired Twitter. The billionaire, who is usually identified within the dogecoin neighborhood because the Dogefather, accomplished the acquisition of the social media large Thursday. Prior to now, his assist for the meme cryptocurrency typically boosted the worth of DOGE.
Musk beforehand revealed that he owns three cryptocurrencies: bitcoin, ether, and dogecoin. The Tesla CEO confirmed in June that he’ll maintain shopping for and supporting DOGE, stating on a number of events that the meme coin has potential as a foreign money.
His electrical automobile firm, Tesla, accepts the meme cryptocurrency for some merchandise and his Boring Firm accepts DOGE funds for some rides. He additionally mentioned that Spacex will quickly settle for dogecoin for merchandise. Many dogecoin supporters anticipate Musk to make the most of the meme crypto as he endeavors to enhance Twitter. In Might, he mentioned that Mark Cuban’s concept about utilizing DOGE to resolve Twitter’s spam issues is “not a bad idea.”
On the time of writing, DOGE is buying and selling at $0.116263, down almost 9% over the previous 24 hours however up 95% over the previous seven days.
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Kevin Helms
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