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A slew of metrics indicate the top meme asset Dogecoin (DOGE) could be primed for a price boost, according to a popular crypto trader.
The analyst Ali Martinez tells his 72,500 followers on the social media platform X that DOGE recently broke out of multi-month downtrends in terms of its price and Relative Strength Index (RSI).
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 also notes that DOGE flashed a buy signal on its Supertrend Indicator, which provides buy and sell signals based on price action and volatility.
Additionally, the analyst points out that Dogecoin whales bought more than 1.40 billion DOGE worth around $140 million in a recent 48-hour period.
He also says Dogecoin moved past its $0.111 resistance, where 62,270 addresses hold more than 36 billion DOGE.
“If DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear!”
DOGE is trading around $0.117 at time of writing. The 9th-ranked crypto asset by market cap is up more than 5% in the past 24 hours.
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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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