Cryptocurrency analyst and trader Ali Martinez, known on the X platform as simply Ali, has taken to his social media account to share that the largest meme cryptocurrency by market cap value, Dogecoin, is likely preparing to break out soon.

Martinez shared key signals to watch for traders who are waiting for a good chance to make profits on Dogecoin.

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Dogecoin eyes bullish breakout

Martinez tweeted that Dogecoin is gearing up for a bullish breakout and shared two particular signals for traders to watch for on the DOGE chart.

First, the RSI (Relative Strength Index) is breaking the descending trendline on the daily graph. Second, DOGE should swoosh past the $0.11 resistance level. Martinez expects the DOGE price to increase from the current $0.10470 level on the chart to above $0.14500. That would be an approximately 41% price increase.

#Dogecoin is gearing up for a bullish breakout! Watch for two key signals: ⭕️First, RSI breaking the descending trendline on the daily chart.⭕️And second, $DOGE surging past the $0.11 resistance! pic.twitter.com/7i1QMXNi3F

— Ali (@ali_charts) September 19, 2024

Until Wednesday this week, the original meme cryptocurrency Dogecoin had faced a more than 8% decline as it plummeted from $0.1088 to the $0.999 mark. Over the past two days, DOGE has witnessed 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. That was followed by a whopping 8,000% surge, and the meme coin reached an all-time high of $0.76 on May 9 that year.