Peter Brandt has worked in the futures and foreign exchange markets since 1975. He is used to trading in a variety of markets such as the bond market, the crude oil market and the European wheat market. On Sunday, this very experienced trader, who is the author of the Factor Report, published his analysis regarding Dogecoin (DOGE).
The end of the decline, but not necessarily the start of a rise
According to trader Peter Brandt, the Dogecoin bear market has come to an end. The digital asset’s decline began last May and had traders worried. Brandt has share a chart on Dogecoin (DOGE) to back up his point. “This is called a downtrend channel, the upward violation of which ended the bear market that started at the May 2021 high.“, he commented.
But, Brandt added that the end of the downtrend in the DOGE market does not mean that there will be an uptrend. He warns tradersurging them not to make the mistake they often make of believing this will be the case.
About this, Brandt said:A common mistake made by novice traders and those who want to become novices is to assume that the end of a bear market is automatically a signal that a bull market has begun. This assumption is most often wrong.“.
Several Twitter users commented on the trader’s tweet. Some have indicated that it could be a fake breakout for the DOGE. They added that a period of further consolidation could determine the future direction of the Dogecoin (DOGE) price.
Could Elon Musk favor the rise in the price of DOGE?
Trader Peter Brandt’s analysis comes shortly after the recent Dogecoin (DOGE) price rally. This surge came after Tesla CEO Elon Musk acquired the Twitter platform. Some think that it is only due to the “Elon effect” and that it will not continue.
You should know that the billionaire Musk is considered, by the Dogecoin community, as the Dogefather. He has several times allowed the price of the digital asset to climb by giving him his support. Perhaps it could sustain the uptrend of memecoin by continuing to support it.
With the acquisition of Twitter by Elon Musk, the Dogecoin (DOGE) has seen a rise. The CEO of Tesla has repeatedly said that this asset has potential. To this effect, he claimed that he would continue to buy and support memecoin.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
