Dogecoin Rallies as Other Altcoins Outperform
While Dogecoin has seen a 35% increase in the last month, other altcoins like Solana, Chainlink, and Cardano have outperformed with gains of 170%, 118%, and 55%, respectively.
Crypto Analyst Bullish on Dogecoin
Crypto analyst Rekt Capital confirmed that Dogecoin has broken out of a descending channel pattern. The analyst shared updates on the meme token’s price in a series of posts on social media platform X. The chart indicates that DOGE has been on a downward channel but recently broke past the channel top.
Confirmation of Breakout
At the time of writing, Dogecoin has formed four consecutive bullish candles and has seen a retest after breaking out of the channel. Whales have injected more than $2 billion into DOGE in 30 days, and social dominance is rising on social media, indicating a bullish sentiment in the short term.
Hot Take: Dogecoin’s Future Rally
Popular anonymous crypto analyst Kaleo believes that a stronger rally will be ignited when DOGE finally crosses over $0.08. Despite its recent rally, Dogecoin is still far below its all-time high of $0.65.
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