A Crypto Strategist Identifies Key Levels for Dogecoin’s Bull Run
A well-known crypto strategist believes that Dogecoin (DOGE) will enter a bull market if it successfully surpasses two resistance levels. Analyst Ali Martinez states on social media that DOGE is currently trading within a large triangle pattern. Breaking out of this formation could potentially lead to a new all-time high for the memecoin.
Martinez emphasizes the importance of two key levels for DOGE: the multi-year diagonal resistance of the triangle and the horizontal resistance at $0.083. He suggests that a weekly candlestick close above $0.0835 could trigger a new bull run, while cautioning against weakness around the $0.0482 support, which may result in a new yearly low.
Bitcoin’s Warm Supply Realized Price Metric Could Indicate a Bull Run
In addition to Dogecoin, Martinez is closely monitoring Bitcoin’s realized price warm supply metric. This metric tracks the average buying price of coins that have remained inactive for one week to six months. According to Martinez, if Bitcoin surpasses the current value of this on-chain metric and secures a sustained close above $28,233, it could signal the start of a new bull run.
Current Prices
As of now, DOGE is trading at $0.059, significantly lower than its all-time high of $0.731 reached in May 2021. Bitcoin is currently priced at $26,932.
Hot Take: Potential Catalysts for Dogecoin and Bitcoin
Crypto strategist Ali Martinez highlights key levels that could trigger significant moves for both Dogecoin and Bitcoin. For DOGE, breaking out of its triangle pattern and surpassing resistance levels could lead to a new all-time high and a bull market. Meanwhile, Bitcoin’s warm supply realized price metric may indicate a bull run if it secures a sustained close above $28,233. These potential catalysts suggest that both cryptocurrencies have the potential for significant price movements in the near future.
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