Legendary Trader Peter Brandt Says Meme Token Dogecoin (DOGE) Has Ended 17-Month Long Downtrend

Veteran analyst and crypto trading legend Peter Brandt says meme token Dogecoin (DOGE) has technically broken the trend that has kept the coin bearish for nearly a year and a half.

Brandt, who is known for calling Bitcoin’s (BTC) epic collapse after its 2017 bull run, says Dogecoin’s recent rally has ended a series of lower highs that began in May 2021 when DOGE printed its all-time high of $0.73.

“This is called a bear channel, the upside violation of which has ended the bear market that began at the May 2021 high. DOGE.” 

Source: Peter Brandt/Twitter

Although Brandt says that Dogecoin is no longer in bear territory, he highlights that the recent move does not indicate that the memecoin will abruptly start a new bull market.

The trader suggests that Dogecoin may now be in a period of sideways accumulation after a prolonged downtrend.

“A common mistake made by novice and wanna-be traders is assuming that an end to a bear phase of a market is automatically a signal that a bull market has begun. This assumption is most often wrong.” 

At time of writing, Dogecoin is valued at $0.126, up 2.76% on the day. Although the eighth-largest crypto by market cap has risen by over 100% in the last seven days, it is still down over 82% from its all-time high.

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