The OG meme coin has jumped by 5% over the past 24 hours following the renewed green wave sweeping through the broader cryptocurrency market.
According to Ali Martinez, several key factors suggest a much more substantial rally may unfold in the near future.
Ready to Breakout?
His second optimistic element is the formation of a so-called “morning doji star” on the 24-hour chart. The analyst claimed that this reversal pattern usually occurs near the end of a downtrend, signaling that selling momentum may be fading as buyers step in.
Next on Martinez’s list is whale activity. He disclosed that large holders have scooped up more than 400 million DOGE over the last five days, “adding meaningful buying pressure at current levels.”
The analyst opined that the accumulation has reinforced a major on-chain support near $0.0813, where almost 35 million units were previously traded.
“As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets,” he concluded.
Additional Forecasts
He claimed that a breakout above the upper trendline (which sits at over $0.10) could trigger a major reversal toward the $0.40 target. “Bulls are waiting for confirmation – long-term sentiment is turning bullish,” the analyst added.
The asset’s recent exchange netflow supports the bullish perspective. Over the past several days, outflows have outpaced inflows, indicating that investors have shifted from centralized platforms to self-custody, which in turn has reduced immediate selling pressure.
