In the roomA recent articleTrader John Brandt indicated that the memento Dogecoin entered another bull market cycle.
Before the latest rebound, the most popular BTC parody had been wandering in the bear market channel for more than a year
Dogecoin won a huge profit in early 2021, with its total market value reaching a surprising $90 billion. However, it came to an abrupt end last May
Although there were several attempts to solve the very big bear market channel, Dogecoin only continued to decline earlier this year
However, according to the information given, the joke of cryptocurrency did not happen again, with a sharp increase of more than 94%Coin Shengfu.
Brand said that the recent rebound caused the rise of the above bear market channel to violate the regulations, which originated in May 2021
The bearish channel is generated by two parallel lines (support and resistance lines). This is also one of the most common technical methods used by investors
As long as the friction resistance level remains consistent, the bearish channel is still reasonable
However, this may still be an unrealistic way to withdraw, which is why traders should be cautious
Dogecoin still fell by a surprising 84.26% from the historical high of USD 0.731578, which means that those who bought cryptocurrency at the peak still suffered heavy losses. However, to the present extent, Dogecoin may be a noticeable buying opportunity for some people who think that the promotion of Twitter may lead to a new bull market