A closely followed crypto analyst says that the top memecoin Dogecoin (DOGE) may be primed for an explosive move to the upside.
In a new thread, crypto trader Ali Martinez tells his 141,400 followers on the social media platform X that DOGE may be forming a bullish reversal pattern on the daily chart and potentially increase more than 76 from its current value.
-->“Dogecoin seems to be shaping a double bottom pattern, targeting $0.42!”
Source: Ali Martinez/XThe analyst also says that DOGE needs to break through a key resistance level at $0.36 to maintain the uptrend based on Dogecoin’s URPD, or UTXO (unspent transaction output) realized price distribution, which keeps track of the number of existing coins that last moved within a given price range.
“As Dogecoin overcomes the $0.20 resistance barrier, the next key hurdle to watch is $0.36!”
Source: Ali Martinez/XDOGE is trading for $0.238 at time of writing, up 12.5 in the last 24 hours.
Next up, the analyst says Bitcoin may increase more than 12 of its current value if BTC can hold $121,000 as support.
“A daily close above $121,000 could pave the way for Bitcoin to rally toward $132,000!”
Source: Ali Martinez/XHe also says Bitcoin is facing a key resistance key level at $121,500 based on BTC’s heatmap of leveraged positions.
“Traders keep shorting Bitcoin, building a big liquidation wall at $121,500!”
Source: Ali Martinez/XLastly, the analyst says that the volume of large Bitcoin transactions is signaling market bullishness, reaching a new high over the past three months.
“The total volume of large Bitcoin transactions surpassed $133.55 billion!”
Source: Ali Martinez/XBitcoin is trading for $117,770 at time of writing.
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