A highly regarded cryptocurrency strategist believes that if the top meme dogcoin (DOGE) can break through two resistance levels, it will officially enter the bull market.Analyst Ali Martinez told his 31200 fans on social media platform X that DOGE is trading in a large triangle pattern
A highly regarded cryptocurrency strategist believes that if the top meme dogcoin (DOGE) can break through two resistance levels, it will officially enter the bull market.
Analyst Ali Martinez told his 31200 fans on social media platform X that DOGE is trading in a large triangle pattern.
The trader stated that if Dog Coin convincingly breaks through its technological form, it may set a new historical high.
Dog coins are approaching the pinnacle of this multi-year declining triangular shape.
A weekly candlestick closing price above $0.0835 may trigger the start of a new DOGE bull market and potentially rise to $1. However, we must pay attention to the support level of $0.0482, as any signs of weakness near this level may lead to a new annual low
From the trader's chart, analysts seem to see two key resistance levels for DOGE. The first seems to be the multi-year diagonal resistance of a triangle, while the second seems to be the horizontal resistance of $0.083.
As of the writing of this article, the trading price of DOGE was $0.059, which is more than 91% lower than the historical high of $0.731 hit in May 2021.
The trader stated that looking at top crypto assets by market value, he is closely monitoring the achieved price hot supply index of Bitcoin (BTC), which tracks the average purchase price of all tokens that have not changed within a week to six months.
Martinez stated that if Bitcoin breaks through the current value of on chain indicators, a new bull market will form.
The price indicator for Bitcoin's warm supply indicates that the bull market will only reignite when BTC continues to close above $28233
As of the time of writing, the transaction price of Bitcoin is $26932.
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