Dogecoin, the popular meme cryptocurrency, could be on the verge of a price surge, according to a crypto analyst.
Dogecoin’s Technical Indicators Are Looking Good
Ali Martinez, a well-known crypto trader, shared his insights with his 72,500 followers on X (formerly Twitter). He pointed out that Dogecoin has broken out of a long-term downtrend in both price and its Relative Strength Index (RSI).
The RSI is a technical indicator that helps traders understand if an asset is overbought or oversold. Dogecoin’s RSI is now above 70, suggesting it’s in overbought territory, which could mean a price increase is on the horizon.
Martinez also noted that Dogecoin flashed a buy signal on the Supertrend Indicator, which suggests a positive price movement.
Whale Activity and Resistance Levels
Adding to the bullish sentiment, Martinez highlighted that Dogecoin whales (large holders) recently purchased over 1.4 billion DOGE, worth approximately $140 million, in just 48 hours.
He also mentioned that Dogecoin has successfully moved past its $0.111 resistance level, a price point where many investors were holding onto their DOGE. Martinez believes that if Dogecoin can maintain this level, it could confirm a strong upward trend.
“With no major supply walls in sight, the path to $0.150 looks clear!” Martinez stated.
Dogecoin’s Current Performance
At the time of writing, Dogecoin is trading at around $0.117, up more than 5% in the past 24 hours.
Important Note:
This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions. /p>
