Trader Says Dogecoin Forming Bullish Pattern That Could Lead to 76% Rally, Maps Path Forward for Bitcoin

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!”

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 range.

“As Dogecoin overcomes the $0.20 resistance barrier, the next key hurdle to watch is $0.36!”

DOGE is trading for $0.238 at time of writing, up 12.5% in the last 24 hours.

Next up, the analyst says Bitcoin may increase more than 12% of its current value if BTC can hold $121,000 as support.

“A daily close above $121,000 could pave the way for Bitcoin to rally toward $132,000!”

He also says Bitcoin is facing a key resistance key level at $121,500 based on BTC’s heatmap of leveraged positions.

“Traders keep shorting Bitcoin, building a big liquidation wall at $121,500!”

Lastly, the analyst says that the volume of large Bitcoin transactions is signaling market bullishness, reaching a new high over the past three months.

“The total volume of large Bitcoin transactions surpassed $133.55 billion!”

Bitcoin is trading for $117,770 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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