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I didn’t pay much attention to Dogecoin before September. The chart just didn’t look all that appealing to me, to be honest.
However, that’s changed in a big way!
I now think that DOGE is about to embark on another one of its 1,000% rallies over the next few months.
In today’s issue, I’ll discuss what DOGEUSDT needs to do to confirm the breakout, as well as some targets I’m eyeing. Plus, updates on BTC, ETH, DOT, and VET!
Let’s get it!
Who (Will) Let the DOGE Out?
DOGE has a way of lulling people to sleep right before it pumps.
It did it in January and again between February and March. Both rallies were good for 1,000% or more.
Fast forward to today, and this DOGEUSDT pattern has been in the works for months. In fact, it’s three times larger than the structure that developed in February and March.
If this breaks higher, targets like $0.32, $0.42, and $0.57 are well within reach.
However, keep in mind that a daily close above the upper trend line near $0.245 is required to confirm the breakout.
There’s also a more immediate breakout that’s about to occur on the 4-hour time frame.
If DOGE can get above $0.23 today, that area should flip to support and offer a path toward $0.245.
Lastly, DOGE doesn’t just look strong against the dollar.
Even the DOGEBTC chart looks primed for a move up. Of course, the same rules apply in that we need a daily close above resistance to confirm the breakout.
So while DOGE bulls have more work to do, the charts are starting to signal that a bullish breakout is right around the corner.
Full disclosure: I bought DOGEUSDT today at $0.226, and I’ll add to that position if the market can climb above $0.245 on a daily closing basis.
Total Crypto Market Cap
The total crypto market cap continues to hover just below $2.4T resistance. It’s been this way for the last eight days.
As I’ve mentioned recently, the market needs to close a day above $2.4T ($2.44T to be safe) to confirm the breakout. Until then, it will continue to serve as resistance.
That said, consolidation below resistance like this usually breaks up. If it does, we’ll likely see the all-time high at $2.57T in a matter of days, perhaps hours.
And if the larger ascending channel continues, a $7 – $10T market cap in the next 3 – 6 months is very achievable, in my opinion.
Bitcoin looks incredibly strong today. The day started with BTC dropping below the $55,300 area I mentioned yesterday.
However, after a quick recovery back above that area, Bitcoin is now approaching fresh multi-month highs.
The longer the market remains above this $55,000 support area, the stronger it gets as support.
However, the big picture for Bitcoin remains the same. We need to see a daily close above $60,000 and $65,000. The latter would confirm a continuation of the bull market.
Ethereum has gone “end to end” today. It tested the trend line support I mentioned yesterday, and is now testing resistance near $3,560.
A daily close above that area should flip it to support. However, as I’ve stated recently, $3,680 is going to be crucial. ETHUSDT needs to close above that to flip it to support and expose the $4,000 region.
DOT has had one hell of a day! I mentioned in yesterday’s video that setting bids at $34 wasn’t a bad idea given Tuesday’s bullish signal.
With DOTUSDT reaching $43 today, that ended up being an incredibly profitable idea.
I’m not sure if we’ll get it, but any rotation lower to $37 – $39 should encounter a lot of buying pressure.
Key resistance remains the $48 region.
The VeChain Foundation came out with big news today. Here’s the tweet:
This is just a hint for now, but it’s a massive one at that!
I’ll let others speculate as to who it could be. But regardless, a partnership with “one of the biggest logistics companies in the world” is a big deal.
As for the chart, we got a nice bounce from the mid 10 cent area that I mentioned yesterday. From here, the $0.123 level is the next big test. A daily close above that opens up $0.155.
Immediate support for VETUSDT is around $0.1090.