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The largest memecoin, Dogecoin (DOGE), has been continuing its downward trend while maintaining silence for a long time. Renowned crypto analyst and strategist Ali Martinez emphasized that DOGE needs to surpass two resistance levels to officially enter a bull market, making an important prediction. The analyst also commented on Bitcoin (BTC).
Decision Time for Dogecoin
Crypto analyst and strategist Ali Martinez stated that DOGE is trading within a large triangle formation. According to the analyst, if DOGE successfully breaks out of this technical formation, it can initiate a significant rally towards its all-time high:
Dogecoin is approaching the end of this triangle formation, which has caused the multi-year downward trend. Closing the weekly candle above $0.0835 could lead to a new bull run for DOGE and potentially trigger a rally towards $1. However, it is important to watch the support level at $0.0482, as any weakness seen at this level could indicate a new decline.
Looking at Martinez’s chart, it can be seen that there are two significant resistance levels for DOGE. The first one is the long-standing descending trendline, and the other is the horizontal trendline at $0.083. With the latest data, Dogecoin’s price has traded within the mentioned descending triangle formation, changing hands at $0.06037 with a 1.71% increase in the last 24 hours.
Critical Level for Bitcoin: $28,233
Analyzing the cryptocurrency with the largest market capitalization after Dogecoin, Martinez stated that Bitcoin closely follows the realized price supply metric, which tracks the average purchase price of all coins that have not moved in one week to six months. According to Martinez, if this on-chain metric surpasses the current price, a new bull run may begin for Bitcoin:
The realized price indicator for Bitcoin shows that a new bull run will only ignite if BTC stays above $28,233.
