The cryptocurrency market is abuzz with speculation about the potential for Dogecoin (DOGE) to see a significant price increase. According to prominent crypto trader Ali Martinez, a number of key metrics suggest that DOGE may be on the cusp of a major breakout.
Martinez, who has a substantial following of 72,500 on the social media platform X, recently shared his insights on DOGE’s recent price movements. He pointed out that DOGE has broken out of multi-month downtrends in both its price and Relative Strength Index (RSI), signaling a potential uptrend.
The RSI indicator, which is used to gauge whether an asset is overbought or oversold, showed that DOGE was on the verge of being oversold. This could indicate that the asset is primed for a price increase in the near future.
In addition to the RSI breakout, Martinez highlighted that DOGE also flashed a buy signal on its Supertrend Indicator. This technical indicator analyzes price action and volatility to provide buy and sell signals, further supporting the bullish case for DOGE.
Furthermore, Martinez pointed out that large Dogecoin holders, known as whales, recently purchased over 1.40 billion DOGE, totaling around $140 million, in just a 48-hour period. This significant accumulation by whales could signal confidence in the asset’s potential for growth.
DOGE also managed to surpass its $0.111 resistance level, where a large number of addresses hold a substantial amount of DOGE. Martinez believes that if DOGE can maintain this level, it could pave the way for a bullish breakout, with a clear path towards the $0.150 mark.
At the time of writing, DOGE is trading around $0.117, showing a more than 5% increase in the past 24 hours. With no major supply barriers in sight, the potential for DOGE to reach $0.150 appears to be within reach.
Crypto enthusiasts and investors are eagerly watching to see if DOGE can sustain its momentum and continue its upward trajectory. As always, it’s essential to stay informed and monitor price action closely to capitalize on potential opportunities in the volatile cryptocurrency market.