Dogecoin (Doge) prices have risen more than 17% in the past week, surgening along bullish Altcoin performance, pushing the total Crypto market capitalization to $4 trillion. The well-known Altcoin is currently facing a great deal of resistance at a price level of $0.25, which has made it a big sense for its current positive momentum. Popular market analyst Ali Martinez is putting pressure on this situation, highlighting a chart pattern that supports a massive price breakout in the Doge market.
Double Bottom Formation Tips Doge for 82% Meetings
In a post on July 18th, Ali Martinez published a bullish technical analysis of the Doge Daily chart, suggesting that Altcoin holds the key potential for a sustainable gathering in the short term. Martinez’s post shows that six months of Doge Price Movement carved a textbook double bottom pattern, a technology setup that usually shows a positive trend reversal.
The double bottom pattern is a classic bullish layer characterized by peaks, that is, two roughly equal lows separated by necklines between them. In the chart above, this pattern is recognized in Doge Forming Lows, which are near $0.13-$0.15 in April and June, and is separated by gatherings towards $0.25 in May, representing the neckline of the pattern.
In particular, last month’s surge in the crypto market led Doge to $0.24 again, completing the double-bottom pattern W shape. However, to verify the bullish potential of this chart pattern, the Market Bulls must maintain a critical breakout that exceeds $0.25 resistance. This is usually interpreted as a strong purchasing signal and further predicts profits.
This is a very possible scenario. The sharp recovery from the lows in June shows that buyers are stepping in at more volumes and pushing price action up almost without interruption. A successful clearance of the $0.25 neckline pavement suggests Doge will win a rally up to $0.42, suggesting he will win 82.3% at the current market price, according to Ali Martinez.
Meanwhile, another consecutive rejection for the $0.25 price region could inspire current bullish momentum and begin a return to support levels around the $0.13-0.15 region.
Related Reading: Ethereum Road to $10,000: May playbook replay predicts another breakout
Doge price overview
At the time of writing, Doge is trading at $0.25 after an increase of 7.84% over the last 24 hours. Meanwhile, the daily trading volume of assets has risen by 108.5%, suggesting a surge in market participation and bullish momentum as traders position themselves continuously for long-term upward paths.
With a market capitalization of $34.95 billion, Doge maintains its position as the world’s largest cryptocurrency and the world’s largest memokine.
