Peter Brandt: Dogecoin has high growth potential

Peter Brandt, a technical analyst and head of Factor LLC, spoke about the high growth potential of the most popular Dogecoin memecoin DOGE $3.28 Department of Gov Efficiency -1.20% Market capitalization $33.22 million VOL. 24 hours $1.46 billion .

Brandt claims that the DOGE memecoin was one of the leaders of the current bullish trend. In the first half of November alone, it showed an increase of 143%, reaching $ 0.39.

The cryptocurrency expert even compared Dogecoin’s current life cycle to that of bitcoin in 2015−2016.

He recalled that in May 2016, bitcoin was trading at around $ 440 and began a large upward trend.

And in June 2016, BTC grew by 77% and reached $ 781, after which it corrected by 38%.

«Then a steady growth began, which led to even higher levels by the end of the year,» the analyst said.

As you know, from March to August 2024, Dogecoin was in a correction phase.

It is worth emphasizing that after the big upward trend of bitcoin in late September, the Dogecoin rate also began to grow.

«It shows significant potential for further growth in the medium term,» the businessman said.

Brandt summarized that Dogecoin now needs to stay above the critical support level of $ 0.35 to maintain its bullish momentum.

Earlier it was reported that cryptocurrency experts noted that in 2024, the meme-coin market exploded, showing significant profits. Overall, the meme coin market expanded by $ 95 billion in 2024.