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Crypto analyst and trader Ali Martinez has shared a Dogecoin chart, indicating that the original meme coin has been making some bullish price movements and has reached an important level.
He expects that soon DOGE may be ready to go higher and target the $0.36 level.
Dogecoin price scores "huge win"
The Glassnode chart shared by Martinez shows recent shifts in Dogecoin’s URPD (UTXO Realized Price Distribution) metric, revealing minimal selling pressure above $0.25. Ali has referred to this as a “huge win” for DOGE, adding that now “there’s almost zero resistance all the way up to $0.36” with little selling pressure.
The only necessary condition for that is that the meme coin should fall below the $0.25 level now, he says.
Dogecoin forms "double bottom"
In a tweet published on Friday, Martinez showed that Dogecoin was forming a reverse “double bottom” pattern on a chart, saying that this could lead to a price rebound.
The rebound may be followed by a price leg up to the $0.46 level, provided that DOGE reclaims the $0.25 support first. The original meme cryptocurrency is now changing hands close to that mark — at $0.23.
Vladislav Sopov
U.Today Editorial Team