A crypto currency analyst closely examining Dogecoin (DOGE) has shared an update about the progress of Bitcoin‘s bull market. According to the analyst, who is closely followed by the markets, BTC has completed approximately one-fourth of its bull market process. Furthermore, BTC was trading at $29,524, reflecting a 10% increase over the past seven days.
The analyst also claimed that the recent movements of the popular meme token DOGE have invalidated the upward trend. In his comments on the subject, the senior analyst stated:
Dogecoin is still hovering at the bottom of the channel in a curvy manner, but the recent price development suggests that the potential upward divergence is no longer valid. This is because the lowest level ended as support last week and turned into a new resistance within the same week, and the price has confirmed this as a new resistance this week as well.
The analyst mentioned that he is monitoring whether the lower part of the current trading channel for Dogecoin will serve as a springboard for the meme token. The expert said the following about the subject:
However, not much has changed from a macro perspective, as the price is still at the bottom of the channel, resulting in continued consolidation within the market structure. The whole purpose of this analysis was to see if any hidden strength is slowly emerging in the bottom region of the channel, and so far, there is none. Nevertheless, since the bottom of the channel has served as an important springboard for the previous 5-7 rallies, it is still worth keeping an eye on.
At the time of writing, DOGE is trading at $0.0599, reflecting a 2.3% increase compared to the previous week. While expectations for a bull market in Bitcoin continue, uncertainty persists in the Dogecoin price, with analysts monitoring significant support and resistance levels.