Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist
A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) will officially cross into bull market territory if it manages to clear two resistance levels.
Analyst Ali Martinez, followed by 31,200 users on the social media platform X, is closely monitoring the trading patterns of Dogecoin (DOGE). He notes that DOGE is currently trading within a significant triangle pattern, which holds the potential for a notable price movement.
According to Martinez, a convincing breakout from this technical formation could pave the way for DOGE to reach a new all-time high. He explains, "Dogecoin is approaching the apex of this multi-year descending triangle formation. A weekly candlestick close above $0.0835 could trigger the beginning of a new DOGE bull run, potentially toward $1. However, we must remain cautious and vigilant regarding the $0.0482 support level, as any signs of weakness in this vicinity could result in a new yearly low."
In summary, Martinez suggests that DOGE is at a critical juncture, with the potential for both a substantial upward move towards $1 and the risk of a significant downturn if support levels are breached. Traders and investors should closely monitor DOGE's price action, particularly around the mentioned key levels, to gain insights into its future trajectory.
An analysis of the DOGE trading chart reveals two pivotal resistance points. The primary one corresponds to the multi-year triangle's diagonal, and the next is the horizontal mark at $0.083.
As of now, DOGE's price stands at $0.059, marking a significant 91% decline from its zenith of $0.731 in May 2021.
Turning our attention to the paramount cryptocurrency, Bitcoin (BTC), it's under close observation. Notably, experts are keenly watching the BTC's realized price warm supply metric. This specific metric provides insight into the average acquisition cost of coins that remained static for a period ranging from a week to six months.
As per crypto expert Martinez, Bitcoin's potential bull trajectory is hinged on its performance concerning this on-chain metric. He suggests that for a bull run to truly manifest, BTC needs to consistently register a price above the threshold of $28,233. The warm supply realized price indicator for Bitcoin reiterates this view, signaling the necessity for BTC to maintain its stance over the aforementioned price for a potential bull resurgence.
At time of writing, Bitcoin is trading for $26,932.
Oct 16, 2023