The top meme asset Dogecoin (DOGE) could be “gearing up for a bullish breakout,” according to a popular crypto trader.
The analyst Ali Martinez tells his 71,100 followers on the social media platform X that they should watch for two “key signals” indicating a possible DOGE breakout.
Martinez says traders should monitor to see if Dogecoin’s Relative Strength Index (RSI) breaks the descending trendline on the daily chart.
The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought. The RSI’s values range from zero to 100 with the level between 70 to 100 indicating that an asset is overbought while the zero to 30 level indicates that an asset is oversold.
Martinez’s second key signal is if DOGE can surge past its $0.11 resistance. Dogecoin is trading around $0.106 at time of writing and is up more than 5% in the past 24 hours.
Looking at other altcoins, the analyst also notes that crypto whales have gobbled up 380 million XRP worth approximately $228 million in the past 10 days.
XRP is trading at $0.593 at time of writing. The 7th-ranked crypto asset by market cap is up nearly 3% in the past 24 hours.
Conversely, Martinez notes that 547,600 Ethereum (ETH) worth more than $1.26 billion has been sent to crypto exchanges in the last three weeks.
ETH is trading at $2,468 at time of writing and is up more than 6% in the past 24 hours.
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Generated Image: Midjourney
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