Popular crypto analyst Ali Martinez has shared a bullish outlook for Dogecoin ($DOGE), suggesting that the meme token could be on the verge of a significant breakout. In his latest tweet, Martinez highlighted that Dogecoin has already met one of the two conditions necessary for this upward move.
#Dogecoin is gearing up for a bullish breakout! And one of the two conditions has been achieved:The RSI broke the descending trendline on the daily chart. Now we need $DOGE surging past the $0.11 resistance! https://t.co/XN6KPh0fRr pic.twitter.com/SbKS8hY3Ri
— Ali (@ali_charts) September 21, 2024
Ali Martinez Highlights Key Signals for Dogecoin’s Potential Breakout
Cryptocurrency analyst Ali Martinez stated that Dogecoin appeared to be gearing up for a bullish breakout, with one of the two required conditions already met. He explained that the RSI had broken the descending trendline on the daily chart and emphasized the need for $DOGE to surpass the $0.11 resistance level to confirm the breakout. Martinez pointed to these technical signals as potential indicators of further upward movement for the token.
Martinez first predicted this breakout two days ago, where he emphasized the importance of the Relative Strength Index (RSI) trendline and the critical $0.11 resistance level.
RSI Breakthrough Signals Bullish Momentum for Dogecoin Crypto
As of now, Dogecoin is trading at $0.1086, reflecting a 3.77% price increase over the last 24 hours and a 3.42% rise over the past week. However, in the present scenario, the hopes of reaching $1 for $DOGE require nothing but a miracle.
For Dogecoin to complete the breakout Martinez has predicted, it needs to surpass the $0.11 resistance level. If achieved, this could spark further momentum for the token, which has already shown signs of recovery in recent days. Traders and investors are now closely watching for the next move, as Dogecoin continues to edge toward a potential bullish rally.
