💎 DOGE Shows Signs of Potential Breakout: Analyst 🌺🌹
Crypto analyst and trader Ali Martinez (known on the X social media platform as @ali_charts) has published an X post dedicated to the original meme coin DOGE – one of the first several coins ever launched in the market after Bitcoin.
Dogecoin was created as a parody on Bitcoin, and based on its code, it also runs on the proof-of-work consensus algorithm and is mined simultaneously with Litecoin.
👍Ali Martinez believes that DOGE is currently in a tight zone and has the potential to stage an upward breakthrough.
"Dogecoin is navigating in a tight zone"
🚀Ali tweeted that Dogecoin is currently in a tight zone, trading between two crucial supply walls on the chart. The first one is a support wall, where 200,000 wallets are holding a whopping 28.6 billion DOGE. The second is a resistance wall – here a massive 124,000 wallets are holding 26.95 billion Dogecoin.
The support wall is bigger in length than the resistant one and this, the analyst says, indicates that there may be a potential for an upward breakout of DOGE. Once the meme coin goes past the $0.076 level, the next price mark, "a significant hurdle," per the expert, will be $0.084, and traders should watch the level once DOGE reaches it. In his analytical breakdown, Ali referred to data shared by the IntoTheBlock on-chain analytics company.
Whales buy 265.8 million DOGE
According to several X posts recently published by the Whale Alert blockchain sleuth, over the past three days, astounding movements of Dogecoin have been noticed between anonymous wallets and the popular investment platform Robinhood which, allows investing and trading both traditional stocks and cryptocurrencies.
Robinhood has its own crypto wallet that enables traders to hold their Dogecoin and transfer it to third-party wallets from Robinhood if need be.
As for the transfers, Whale Alert noticed four big transactions that carried slightly more than half a billion DOGE.
