Peter Brandt notes end of Dogecoin’s bear trend

Peter Brandt, a technical analyst and head of Factor LLC, wrote about the end of the downward cycle of the meme cryptocurrency Dogecoin (DOGE).

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 https://t.co/Ib2T86Md0n

— Peter Brandt (@PeterLBrandt) October 30, 2022

This is called a bearish channel, the breakout of which ended the bear market for DOGE, which began in May 2021, he wrote.

Brandt warned that this should not be taken as a signal for further upside in the meme cryptocurrency.

“A common mistake among novice traders who consider the end of a bear market as automatically the start of a bull market. This assumption is often incorrect,” added the technical analyst.

In the past week, Dogecoin’s price has risen about 100%, according to CoinGecko. The meme cryptocurrency crossed the $0.1 mark for the first time since May. Its market capitalization exceeded $16 billion, placing it eighth in the ranking.

Dogecoin started rising on October 27 after Elon Musk posted a video of his visit to Twitter’s headquarters. On the next day the meme cryptocurrency added another 10% after the billionaire’s purchase of the social network.

Musk is actively promoting the meme cryptocurrency. In April he proposed reducing the cost of Twitter Blue and giving users the ability to pay for the premium service in DOGE.

In June, Musk confirmed his support for Dogecoin, despite the bear market. He then said that Tesla would continue to sell goods for DOGE and SpaceX would soon follow suit.

In October, Brandt mocked Bitcoin supporters for using “laser eyes” on Twitter avatars and said that the first cryptocurrency, bought in 2021, has become unprofitable today.

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