Peter Brandt noted the end of the bear trend Dogecoin
Texalithic and head of Factor LLC Peter Brandt wrote about the completion of the descending cycle of the Dogecoin (Doge) meme.
A commemon mistake Made by novice and Wanna-Be Tradeers is Assuming that an end to a bear Phase of a Market is automaticelly a submarket a bull market has begun. This assumption is mostn offen wrong https: // t.CO/IB2T86MD0N
– Peter Brandt (@peterlbrandt) October 30, 2022
“This is called a bear canal, the violation of which put an end to the bear market for Doge, which began in May 2021,” he wrote.
Brandt warned that it should not be regarded as a signal to the further growth of meme.
“A common mistake among novice traders who consider the end of the bear market automatic start of the bull. This assumption is often incorrect, ”added Texalithic.
Over the past week, the price of Bitcoin Outperforms Dogecoin increased by about 100%, according to Coingecko. Mem-Criticality overcame $ 0.1 for the first time since May. The capitalization of the asset exceeded $ 16 billion, providing it with eighth place in the ranking.
Dogecoin moved to growth on October 27 after Elon Musk published a video of Twitter headquarters visits to the headquarters. The next day, the Critical Meme added another 10% after buying a social network with a billionaire.
Musk is actively promoting meme. In April, he proposed reducing the cost of Twitter Blue and provide users with the opportunity to pay for the premium service in Doge.
In June, Musk confirmed his support for Dogecoin, despite the bear market. Then he stated that Tesla would continue to sell goods for DOGE and soon SpaceX will follow this example.
Recall that in October, Brandt ridiculed Bitcoin supporters for the use of “laser eyes” on Twitter avatars and stated that the first cryptocurrency purchased in 2021 was today unprofitable.
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