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2 Key Reasons Why DOGE Is Gearing up for Bullish Breakout: Analyst

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Thu, 19/09/2024 - 15:30
2 Key Reasons Why DOGE Is Gearing up for Bullish Breakout: Analyst
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Cryptocurrency analyst and trader Ali Martinez, known on the X platform as simply Ali, has taken to his social media account to share that the largest meme cryptocurrency by market cap value, Dogecoin, is likely preparing to break out soon.

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Martinez shared key signals to watch for traders who are waiting for a good chance to make profits on Dogecoin.

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Dogecoin eyes bullish breakout

Martinez tweeted that Dogecoin is gearing up for a bullish breakout and shared two particular signals for traders to watch for on the DOGE chart.

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First, the RSI (Relative Strength Index) is breaking the descending trendline on the daily graph. Second, DOGE should swoosh past the $0.11 resistance level. Martinez expects the DOGE price to increase from the current $0.10470 level on the chart to above $0.14500. That would be an approximately 41% price increase.

Until Wednesday this week, the original meme cryptocurrency Dogecoin had faced a more than 8% decline as it plummeted from $0.1088 to the $0.999 mark. Over the past two days, DOGE has witnessed 4.55% growth as it rose to the current level of $0.10470.

As reported by U.Today earlier, DOGE might be gearing up for a “golden cross” – for the first time in four years. That pattern is considered to be a big sign of bullish sentiment. The last time it was seen was in January 2021. That was followed by a whopping 8,000% surge, and the meme coin reached an all-time high of $0.76 on May 9 that year.

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