Crypto analyst Ali Martinez shares his insights on potential movements of Dogecoin, stating that the cryptocurrency may recover after a recent decline.
Double Bottom Formation of Dogecoin
Ali Martinez stated in his tweet that Dogecoin might be forming a double bottom pattern, which signifies a potential reversal from the previous downward trend. The analysis shows that DOGE has declined significantly from December to April, but now, according to Martinez, the cryptocurrency is possibly on the path to recovery. To achieve this, it will need to reclaim the support level at $0.26, after which DOGE could aim for the $0.46 mark.
Altcoins Decoupling from Bitcoin
Since July 22, the original meme coin has lost more than 20%, falling from $0.28 to $0.22. However, today DOGE printed a small increase of 3%, reaching $0.23220. Many analysts have noted that several significant altcoins have started to rise in price despite Bitcoin's 3.4% drop, indicating a decoupling of altcoins from BTC for the first time in a year.
Market Situation
Currently, DOGE is making small upward movements while the performance of many altcoins continues to increase, despite recent market declines.
The situation in the Dogecoin market requires close monitoring. A potential recovery at the $0.26 level could facilitate further growth to $0.46, but it is essential to consider overall market conditions and the influence of other cryptocurrencies.
