Cryptocurrency analyst and trader Ali Martinez, known on the X platform simply as Ali, has shared that the largest meme cryptocurrency by market cap, Dogecoin, is likely preparing for a breakout.
Signals to Watch
In his tweet, Martinez highlighted two key signals for traders looking for good opportunities to profit from Dogecoin. The first signal is the breaking of the Relative Strength Index (RSI) descending trendline on the daily chart. The second signal is surpassing the $0.11 resistance level. Martinez expects the DOGE price to rise from the current level of $0.10470 on the chart to above $0.14500, an approximately 41% price increase.
Recent Dogecoin Price Changes
Until Wednesday this week, the original meme cryptocurrency Dogecoin had faced a more than 8% decline as it plummeted from $0.1088 to $0.0999. Over the past two days, DOGE has witnessed a 4.55% growth as it rose to the current level of $0.10470. As reported by U.Today earlier, DOGE might be gearing up for a 'golden cross' – for the first time in four years. That pattern is considered to be a big sign of bullish sentiment. The last time it was seen was in January 2021, which led to a whopping 8,000% surge, and the meme coin reached an all-time high of $0.76 on May 9 that year.
Thus, according to expert Ali Martinez, Dogecoin may be on the verge of significant growth. Traders should pay attention to the RSI indicators and resistance levels to seize potential profitable trades.
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