Cryptocurrency analyst and trader Ali Martinez, known on the Twitter platform simply as Ali, shared on his social media account that Dogecoin (DOGE), the meme coin with the largest market capitalization, is preparing for a bullish breakout.
Martinez shared two important signals for traders to watch for and look for profit opportunities from Dogecoin.
Dogecoin Aims for Bullish Breakout
Martinez tweeted that Dogecoin is preparing for a bull run and pointed out two specific signals to watch for on the DOGE chart.
First, the RSI is breaking a downtrend line on the daily chart. Second, DOGE needs to clear the $0.11 resistance level. Martinez predicts that DOGE will rise from the current $0.1054 level to above $0.145, which would represent a gain of about 41%.
Prior to Wednesday this week, Dogecoin had fallen more than 8%, from $0.1088 to $0.0999. However, over the past two days, DOGE has increased by 4.55%, reaching around $0.1054.
According to a previous report, Dogecoin may be preparing for a “golden cross” for the first time in four years. This pattern is often a sign of optimism in the market. The last time it appeared was in January 2021, after which the price of DOGE skyrocketed 8,000%, reaching a record high of $0.76 on May 9 of that year.
