2 Key Reasons Why DOGE Is Gearing up for Bullish Breakout: Analyst

by

As a seasoned cryptocurrency analyst with over a decade of experience in the digital asset market, I find Ali Martinez’s latest analysis on Dogecoin intriguing. His prediction of a potential bullish breakout aligns with my own observations and technical analyses. The key signals he mentions – the RSI breaking its descending trendline and DOGE surpassing the $0.11 resistance level – are indeed significant indicators that I’ve found to be reliable in the past.

Cryptocurrency expert and dealer Ali Martinez, recognized on the X platform as merely Ali, has posted on his social media platform suggesting that the leading meme cryptocurrency in terms of market capitalization, Dogecoin, could be poised for a breakout in the near future.

Martinez pointed out crucial indicators that experienced traders look for, signaling the right moment to potentially earn from Dogecoin transactions.

Dogecoin eyes bullish breakout

Martinez posted on Twitter that Dogecoin seems ready for an upward surge, pointing out two specific indicators that traders might want to focus on when analyzing the Dogecoin graph.

Initially, the Relative Strength Index (RSI) is showing signs of defying its downward trajectory in the daily chart. This could indicate that DOGE might overcome its resistance level at around $0.11. Analyst Martinez anticipates a potential rise in DOGE’s price from the current position of $0.10470, aiming to exceed $0.14500, which represents an approximate 41% price surge.

#Dogecoin appears to be preparing for an upward surge! Keep an eye out for these two crucial indicators:

— Ali (@ali_charts) September 19, 2024

As a crypto investor, I’ve seen quite a rollercoaster ride with Dogecoin this week. Prior to Wednesday, Dogecoin had taken a dip of over 8%, sliding from $0.1088 down to the $0.0999 mark. However, fortunately, it seems to have recovered somewhat in the past two days, with a growth of approximately 4.55%. Now, I’m currently holding Dogecoin at around $0.10470.

According to U.Today’s previous report, there could be signs of a “golden cross” for Dogecoin, a first in four years. This pattern is often seen as a strong indicator of positive market sentiment. The last time this occurred was in January 2021, and it led to an impressive 8,000% increase. Dogecoin reached its all-time high of $0.76 on May 9 that year.

Read More

2024-09-19 18:49