According to a well-known cryptocurrency expert, if popular memecoin Dogecoin (DOGE) is able to break through two resistance levels, it will formally enter the bull market.
On the social networking site X, analyst Ali Martinez informs his 31,200 followers that DOGE is trading inside of a sizable triangular formation.
The trader stated that if DOGE breaks out of the technical configuration convincingly, it may print a new all-time high.
Unlocking the Next DOGE Bull Run: Insights from a Crypto Strategist,Unlocking the Next DOGE Bull Run: Insights from a Crypto Strategist
“The peak of this multi-year descending triangle formation is getting closer for Dogecoin.
A fresh DOGE bull run, maybe towards $1, might start if the weekly candlestick closes above $0.0835. However, we need to keep an eye out for the $0.0482 support level since any indication of weakening there might result in a new annual low.
Based on the trader’s chart, it seems the analyst has identified two significant resistance levels for DOGE. The triangle’s multi-year diagonal resistance looks to be the first, and $0.083 appears to be the horizontal resistance in the second.
As of this writing, DOGE is selling at $0.059, more than 91% less than its peak of $0.731 that was reached in May 2021.
The trader, who is focusing on the top cryptocurrency asset by market capitalization, says he is closely monitoring the realised price warm supply statistic of Bitcoin (BTC), which measures the average purchase price of all coins that have not changed in value over the last three to six months.
Martinez predicts that if Bitcoin rises beyond the present value of the on-chain indicator, a fresh bull run will begin.
According to the Bitcoin warm supply realised price indicator, the bull market won’t start up again until BTC closes consistently above $28,233. As of this writing, the price of Bitcoin is $26,932.
Unlocking the Next DOGE Bull Run: Insights from a Crypto Strategist,Unlocking the Next DOGE Bull Run: Insights from a Crypto Strategist,Unlocking the Next DOGE Bull Run: Insights from a Crypto Strategist