Several indicators suggest that the leading meme token Dogecoin (DOGE) might be on the verge of a price increase, according to a well-known crypto trader.
The analyst Ali Martinez informs his 72,500 followers on X that DOGE has recently surpassed a prolonged downtrend in both its price and Relative Strength Index (RSI).
The RSI is a momentum oscillator that helps assess whether an asset is overbought or oversold. Its values range from zero to 100, with levels between 70 and 100 indicating overbought conditions, while levels from zero to 30 suggest oversold conditions.
Martinez also highlights that DOGE registered a buy signal on the Supertrend Indicator, which generates buy and sell signals based on price movements and volatility.
Additionally, the analyst emphasizes that Dogecoin whales acquired over 1.40 billion DOGE, amounting to roughly $140 million, in a recent span of 48 hours.
He further states that Dogecoin has moved beyond the $0.111 resistance level, where 62,270 addresses hold a collective total of over 36 billion DOGE.
“If DOGE maintains this level, it could signal a bullish breakout. With no significant supply barriers available, the route to $0.150 appears clear!”
At the time of writing, DOGE trades at approximately $0.117. This 9th-ranked crypto asset by market cap has risen more than 5% in the last 24 hours.
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Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are made at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and does not serve as an investment advisor. It should also be noted that The Daily Hodl engages in affiliate marketing.
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