Dogecoin’s double bottom pattern hints at a potential price increase, provided it reclaims support at the $0.25 level.
Glassnode data shows minimal selling activity above $0.25, indicating a clear path to $0.36 if support holds.
Analyst Ali Martinez expects DOGE to rally toward $0.46 if momentum continues and key resistance zones are surpassed.
Dogecoin is currently trading close to the $0.23 mark, approaching a critical price level that analysts consider pivotal. Crypto analyst Ali Martinez highlighted that the meme-based cryptocurrency is forming a technical pattern that could trigger upward movement if support at $0.25 is regained.
According to Martinez, Dogecoin’s recent chart formation indicates a reverse “double bottom” pattern. This is a technical setup often associated with trend reversals. The analyst believes that if Dogecoin holds above $0.25, a breakout may occur. The target of this movement, based on the pattern’s structure, could reach as high as $0.46.
Glassnode Data Signals Minimal Selling Pressure
Recent data from blockchain analytics platform Glassnode, shared by Martinez, shows changes in Dogecoin’s UTXO Realized Price Distribution (URPD). These changes suggest minimal resistance for DOGE above the $0.25 level. Martinez emphasized that the lack of significant selling pressure could allow the token to climb toward $0.36 with few obstacles in the way.
https://twitter.com/ali_charts/status/1948882957936083383
With Dogecoin’s current price movement supported by favorable technical indicators and on-chain data, the market sentiment appears to be shifting. Martinez described the situation as a “huge win” for the token. He noted that unless the price falls below $0.25, there is room for a further rally in the near term.
Resistance Levels Remain Manageable for DOGE
As DOGE maintains its position near the $0.25 zone, the market watches closely for confirmation of the next move. Analysts believe that the current market structure favors a continued climb, especially if buying interest sustains. The path toward $0.36 is considered relatively clear, given the reduced selling activity reported above that level.
Dogecoin’s price has shown resilience around a key support level, and technical patterns combined with blockchain data point to a potential breakout. With resistance levels diminishing and analyst expectations aligned, DOGE may be setting up for a price surge. Market participants continue to monitor whether it can maintain momentum and confirm a sustained upward trend.
