A closely followed crypto analyst says that the top memecoin Dogecoin (DOGE) may be primed for an explosive move to the upside.
In a new thread, crypto trader Ali Martinez tells his 141,400 followers on the social media platform X that DOGE may be forming a bullish reversal pattern on the daily chart and potentially increase more than 76% from its current value.
“Dogecoin seems to be shaping a double bottom pattern, targeting $0.42!”
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Source: Ali Martinez/X
The analyst also says that DOGE needs to break through a key resistance level at $0.36 to maintain the uptrend based on Dogecoin’s URPD, or UTXO (unspent transaction output) realized price distribution, which keeps track of the number of existing coins that last moved within a given price
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