Famous analyst's comment on Dogecoin (DOGE): "It may explode soon!"

Ali Martinez, known for his cryptocurrency analyses, gave good news for Dogecoin (DOGE) investors.

On Sunday, the Dogecoin (DOGE) price jumped 1.13 percent and was traded at $0.11. This upward trend can be attributed to DOGE's descending triangle formation. According to the descending triangle formation, DOGE is making lower peaks even though it finds support in the same price area. According to the formation, the popular memecoin has not yet reached its target.

According to famous analyst Ali Martinez, Dogecoin is in a descending triangle formation on the weekly chart. The technical structure in question usually signals a downward trend. However, the break in the upper trend line of the formation invalidates the bearish view and points to a new uptrend potential for DOGE.

According to Intotheblock data, the increase continues in the number of wallets holding $DOGE . Onchain data shows that Dogecoin investors are not creating selling pressure, but rather are moving in a buying direction. The popular name of memecoins may make a name for itself again in the upcoming bull run. However, many metrics need to be taken into consideration for this.

For example, the Solana ecosystem has left its mark on the recent memecoin trend. While memecoins on the Solana network gained value, memecoins on other networks decreased. In particular, interest in $PEPE and DOGE has decreased. ETH settling above $2,500 or increasing inflows to spot $ETH ETFs could be a driving force for DOGE. In addition, Elon Musk's post about Dogecoin will have a slightly positive effect on the price.

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