DOGE Soars on Whale Buys and Technical Signals
The price of Dogecoin (DOGE) has jumped by 5% over the past 24 hours, following the broader cryptocurrency market's green wave. According to analyst Ali Martinez, this uptrend may be just the beginning.
Martinez points out that large holders have bought more than 400 million DOGE in the last five days, adding buying pressure at current levels. This has reinforced a major on-chain support near $0.0813, where almost 35 million units were previously traded.
The analyst also notes that the Tom DeMark Sequential has flashed a buy signal on the daily timeframe, suggesting DOGE could resume its uptrend. Additionally, a 'morning doji star' reversal pattern has formed on the 24-hour chart, indicating selling momentum may be fading as buyers step in.
Martinez concludes that as long as the $0.0813 level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as potential upside targets.