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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

DOGE Bullish Pattern Points To $0.42 Target – Analyst

Semilore Faleti
Semilore Faleti
1 month ago
2 mins read
DOGE

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Dogecoin (DOGE) prices surged by over 17% in the past week, in line with a bullish altcoin performance, pushing the total crypto market cap to $4 trillion. The prominent altcoin is now facing major resistance at the $0.25 price level, the result of which bears significant implications for the current positive momentum. Popular market analyst Ali Martinez has weighed in on this situation, highlighting a chart pattern that favours a massive price breakout in the DOGE market.

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1 month ago

Double Bottom Formation Tips DOGE For 82% Rally

In an X post on July 18, Ali Martinez presented a bullish technical analysis of the DOGE daily chart, hinting that the altcoin holds significant potential for a sustained rally in the short term. Martinez’s post shows that DOGE price movement over the six months has carved a textbook double bottom pattern, i.e., a technical setup that typically signals a positive trend reversal.

The double bottom pattern is a classic bullish formation, featuring two roughly equal lows separated by a peak, i.e, the neckline in between.  In the chart above, this pattern is noticed with DOGE forming lows near $0.13–$0.15 in April and June, separated by a rally toward $0.25 in May, representing the pattern’s neckline.

Dogecoin
Source: @ali_charts on X

Notably, the crypto market surge over the last month has pushed DOGE towards $0.24 again, thereby completing the W shape of the double bottom pattern.  However, to validate the bullish potential of this chart pattern, market bulls must hold a decisive breakout above $0.25 resistance, which will typically be interpreted as a strong buy signal, projecting further gains ahead.

This is a highly possible scenario as the steep recovery from the June lows shows increasing bullish momentum with buyers stepping in with higher volume, pushing price action upward in a nearly uninterrupted fashion. According to Ali Martinez, a successful clearance of the $0.25 neckline paves DOGE’s way for a rally to $0.42, hinting at a potential 82.3% gain on present market prices.

On the other hand, another consecutive rejection around $0.25 price region would dent the current bullish momentum and possibly initiate a return to support levels around the $0.13–$0.15 region.

Related Reading: Ethereum Road To $10,000: Replay Of May’s Playbook Predicts Another Breakout

DOGE Price Overview

At the time of writing, DOGE trades at $0.25 following a 7.84% increase in the past 24 hours. Meanwhile, the asset’s daily trading volume is up by 108.5% suggesting suggesting a surge in market participation and growing bullish momentum, as traders continuously position themselves for a prolonged uptrend.

With a market cap of $34.95 billion, DOGE retains its position as the ninth-largest cryptocurrency and largest memecoin in the world.

DOGE
DOGE trading at $0.25346 on the hourly chart | Source: DOGEUSDT chart on Tradingview.com
Featured image from Unsplash, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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