Cryptocurrency analyst Ali Martinez shared the conditions he expects for a rally in Dogecoin (DOGE) following the general rise in the market.
Preparing for a Bullish Leap
Martinez claims that the world's largest memecoin, Dogecoin, is preparing for a bullish leap. He mentioned that this can be tracked by two key signals.
Breaking the Downward RSI Trend
First of all, Ali Martinez stated in his statement that DOGE should break the downward trend of the RSI value on its daily chart.
Significant Resistance Level
Secondly, it is an important resistance level for the DOGE price. He thinks that the $0.11 level he sees should be exceeded. At the time of writing this article, the DOGE price is trading at $0.106. In April of this year, the DOGE price climbed to $0.22, but then fell to $0.06 with significant losses. Dogecoin was trading below $0.10 before the FED decision, but with a 50 basis point interest rate cut, the entire cryptocurrency market experienced an increase led by Bitcoin, and DOGE was among the cryptocurrencies that experienced this increase.
Thus, the analyst expects that Dogecoin has the potential for a rally under the specified conditions.
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