The OG meme coin has jumped by 5% over the past 24 hours following the renewed green wave sweeping through the broader cryptocurrency market.
According to Ali Martinez, several key factors suggest a much more substantial rally may unfold in the near future.
Ready to Breakout?
As of press time, DOGE is worth approximately $0.087 (per CoinGecko), representing a 24% increase over the past month. Martinez revealed that the asset’s Tom DeMark Sequential has flashed a buy signal on the daily timeframe, suggesting that the meme coin could be preparing to resume its uptrend.
His second optimistic element is the formation of a so-called “morning doji star” on the 24-hour chart. The analyst claimed that this reversal pattern usually occurs near the end of a downtrend, signaling that selling momentum may be fading as buyers step in.
Next on Martinez’s list is whale activity. He disclosed that large holders have scooped up more than 400 million DOGE over the last five days, “adding meaningful buying pressure at current levels.”
The analyst opined that the accumulation has reinforced a major on-chain support near $0.0813, where almost 35 million units were previously traded.
“As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets,” he concluded.
Interestingly, earlier this week, Martinez suggested that the $15 Dogecoin target he has been tracking for a long time was invalidated after the price briefly plunged below the lower boundary of the channel that had defined the thesis for such a potential explosion.
Additional Forecasts
Other X users who recently made DOGE predictions include Crypto With Gopal and Celal Kucuker. The former claimed the meme coin has formed a massive falling wedge, with the price compressing near the $0.08 support zone and sellers gradually losing momentum.
He claimed that a breakout above the upper trendline (which sits at over $0.10) could trigger a major reversal toward the $0.40 target. “Bulls are waiting for confirmation – long-term sentiment is turning bullish,” the analyst added.
For their part, Celal Kucuker envisioned a 10x expansion in DOGE’s market cap, which could push the price to a new historic record beyond the $1 milestone.
The asset’s recent exchange netflow supports the bullish perspective. Over the past several days, outflows have outpaced inflows, indicating that investors have shifted from centralized platforms to self-custody, which in turn has reduced immediate selling pressure.
The post 3 Reasons Why Dogecoin (DOGE) Is Ready for a Breakout appeared first on CryptoPotato.
Source: https://cryptopotato.com/3-reasons-why-dogecoin-doge-is-ready-for-a-breakout/
