Wednesday, July 17, 2024
Home > News > Bitcoin News > Analyst gives optimistic outlook on Dogecoin

Analyst gives optimistic outlook on Dogecoin

The X analyst Myles G believes Dogecoin remains in an uptrend and is breaking out to higher levels.

In a video posted on Dec. 15, crypto analyst and YouTube personality Myles G shared his latest thoughts on the cryptocurrency Dogecoin (DOGE). While expressing some caution around recent volatility, overall Myles struck an optimistic tone, saying he believes the altcoin is positioned for more gains in the near future.

Dogecoin is still bullish. Dogecoin is breaking out. Dogecoin is still trending upwards, and the crypto market has seen a little bit of a pullback the last couple of days. So we saw a pullback.

Myles G Investments

The analyst pointed to a recent market-wide pullback earlier in the week, which he says he and his Patreon members predicted and profited from. However, he believes the broader crypto market is stabilizing again and setting up well for altcoins. Specifically, the analyst is eyeing the key psychological resistance level of 10 cents for Dogecoin.

If we break this resistance and we start holding above this level, we can get a very serious breakout to like 11 or 12 cents for Dogecoin.

Myles G Investments

The analyst sees this weekend as a critical period where Bitcoin (BTC) momentum could propel Dogecoin through the 10 cent barrier. While acknowledging bearish scenarios are still possible if Bitcoin falters, he sees these as less likely given recent dovish signals from the Federal Reserve on interest rates.

I’m thinking that this weekend, we could get some really big moves for altcoins, especially Dogecoin.

Myles G Investments

Follow Us on Google News