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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Crypto Analyst Confirms Dogecoin Price Breakout – Here’s The Target

Scott Matherson
Scott Matherson
1 year ago
4 mins read
Dogecoin

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Dogecoin supporters are celebrating a 35% increase in the last month. While this is good news, other altcoins like Solana, Chainlink, and Cardano (ADA) have outperformed, with gains of 170%, 118%, and 55%, respectively, in the same timeframe.

According to one crypto analyst, DOGE’s rally isn’t over, as recent price action suggests 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 X. Rekt Capital has been following the meme token in a series of posts in a thread since August, sharing updates of its price on a 1-week DOGE/USD chart.

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A look into price action on the chart indicates Dogecoin has been on 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 trendlines to indicate the bears having major control of the market. However, things started to change in the middle of October, and a breakout past the channel top became glaring. 

$DOGE

Retest was successful

Dogecoin has made all the right steps in confirming 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 it rebounded from the channel bottom. Rekt Capital has previously emphasized that a weekly close over the channel would cement a shift in trend, as the crypto has only registered misleading wicks over this point in the past year. A breakout over 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?

Rekt Capital’s previous analysis has put the price rally in case of a strong break out at just over the top of the channel’s highest high at $0.15. Dogecoin is currently trading at $0.07827 and is already up by 39% from its October bottom. A rally to $0.15 would represent a gain of over 90% from its current price and a gain of 163% from its October bottom. 

DOGE finally broke over the $0.076 level a few days ago as whales worked tirelessly to push the meme coin to a rally. IntoTheBlock data shows whales have injected more than $2 billion into DOGE In 30 Days. Social dominance is also rising on social media, indicating a bullish sentiment on the short term. Popular anonymous crypto analyst Kaleo believes a stronger rally will be ignited when DOGE finally crosses over $0.08.

fwiw – still hasn’t started yet, don’t think we really see insane momentum until 8 cents is cleared

— K A L E O (@CryptoKaleo) November 11, 2023

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Although DOGE is still the 9th largest crypto in terms of market cap, the meme token is now far below its all-time high of $0.65.

Featured image from iStock

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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