Dogecoin (DOGE) price may soon experience its biggest bullish breakout in history. According to its current chart, the meme coin has been fluctuating between $0.1071 and $0.1109 for a while now and it has finally shown signs of a potential price jump.
Ali Martinez, a well-known crypto analyst shared his thoughts on X (formerly Twitter). He noted that Dogecoin has crossed the $0.111 resistance level, waiting for a breakout that could push the price toward $0.15. Over 62,000 addresses hold 36 billion DOGE at this level, which could act as support.
However, Martines also sees a potential short-term risk. Using the Stochastic RSI indicator, he warns a brief bearish crossover might happen first before the strong bullish push.
Meanwhile, in the last 24 hours, DOGE has been in a bull bear tussle with the price swaying between an intra-day high and low of $0.115 and $0.1071, respectively. As of press time, DOGE price was trading at $0.1142, a 4.07% surge from the support level.
Concurrently, the market capitalization and 24-hour trading volume surged by 4% and 40% respectively to $16,687,530,384 and $990,165,308. This surge reflects the increasing investor confidence in the DOGE bullish potential aligning with crypto analyst Ali Charts prediction.
Chart Patterns Suggest Possible Rally
Dogecoin chart has also revealed another main indicator that further cements its potential price increase, a falling Wedge pattern. This particular pattern is often considered a sign of a bullish reversal. If DOGE breaks out of this pattern, it could lead to a 45% price increase.
However, Martinez noted that the breakout might not happen immediately as the market has to wait for the price to overcome a short-term bearish pressure first before the uptrend movement.
More Analysts See Similar Path Ahead for Dogecoin
Other analyst seems to share a similar view with Martinez, a recent tweet by Worldofchart, another popular analyst also sees dogecoin testing a key resistance level while showing a bullish divergence on the Relative Strength Index (RSI). If this resistance breaks, Worldofchart sees a bullish surge to $0.30.
Dima Jame Potts, another crypto analyst, pointed out that Dogecoin’s current price movements are similar to what was seen in previous cycles.
He believes that after a short pullback, the cryptocurrency is likely to see a strong push, especially if it can close above its weekly resistance level. Like others, Potts is looking at the $0.20 mark as a target if the breakout holds.
Dogecoin Creator Reaffirms Focus on Only Dogecoin
While analysts continue to debate on Dogecoin’s price movement, Dogecoin’s co-creator, Billy Markus, clarifies his involvement with the cryptocurrency.
While responding to rumors on X that he trying to involve himself with another crypto project similar to DOGE. Markus popularly known as Shibetoshi Nakamoto reaffirmed his distance. He said Dogecoin remains the only cryptocurrency he has ever worked on.
For some in the crypto space, the statement adds an extra layer of stability to Dogecoin’s outlook.
