Key Insights
Dogecoin may rally to $0.46 after forming a double bottom pattern, signaling a potential reversal from recent losses.
The coin fell over 20% in recent days but showed signs of recovery, adding 3% and currently trading around $0.23220.
Altcoins, including Dogecoin, are starting to move independently from Bitcoin, marking a shift in recent crypto market behavior.
Dogecoin may be gearing up for a rebound, according to recent technical analysis by cryptocurrency analyst Ali Martinez. Sharing insights on the social media platform X, Martinez pointed out that Dogecoin could be forming a double bottom pattern, which is typically seen as a bullish reversal signal following an extended downtrend.
From December through April, Dogecoin experienced significant declines. The recent pattern now suggests a possible trend reversal.
https://twitter.com/ali_charts/status/1948668042000347468
According to Martinez, if Dogecoin successfully holds the $0.26 price level as support, it may pave the way for an upward move. In that case, DOGE could potentially reach the $0.46 level in the near term.
DOGE Prints Small Gains Amid Broader Market Decline
Despite dropping from $0.28 to $0.22 since July 22, Dogecoin gained roughly 3% today, trading at $0.23220. This movement follows a tweet from Martinez on July 17, where he highlighted the possibility of a breakout. Today’s gain came as the broader altcoin market showed resilience against Bitcoin’s losses.
Some of the biggest altcoins, such as Dogecoin, are beginning to experience price dynamics that no longer reflect directly on Bitcoin. In the past 24 hours, Bitcoin went down by 3.4%. Nevertheless, most of the altcoins appreciated within the same timeframe. It is being considered as a meaningful change because the majority of the altcoins have followed the price patterns of Bitcoin in the last year.
Current Market Momentum Favors DOGE Recovery
Today, Bitcoin managed to rebound slightly by 1%, climbing back above the $160,000 mark. Dogecoin followed with its 3% increase. This overall momentum may support the bullish setup Martinez described, with DOGE’s price behavior now closely watched for a potential move toward $0.26 and beyond.
