Renowned crypto analyst Ali Martinez believes Dogecoin (DOGE) can reach the $1 milestone. However, specific market scenarios must occur for this increase.
Will there be a Dogecoin Bull Run?
If the weekly candle closes above the $0.0835 level, it could mark the start of a new bull run for DOGE, potentially pushing the meme coin to the long-awaited $1 mark. However, the analyst also warns that traders should keep an eye on the $0.0482 support level as “any sign of weakness around this level could lead to a new yearly low.
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#Dogecoin is approaching the apex of this multi-year descending triangle formation.
A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness… pic.twitter.com/Emcwfyv6cE
— Ali (@ali_charts) October 13, 2023
At the time of writing, DOGE is trading at $0.0586. Since October 2, the main meme coin has suffered a decline of 8.46%, dropping from $0.0640 to its current value. However, there is a silver lining: Dogecoin is showing resilience and has managed to gain 2.31% over the past two days.
Dogecoin miners pessimistic
Remarkably, we see little optimism from the mining reserves. As a result, it seems likely that we will not break the resistance level of $0.0835 for a while, which is necessary for a bull market.
Analyzes indicate a significant reduction in mining reserves, from 4.67 billion to 4.35 billion DOGE between August and October, indicating a possible sale by miners. The number of large transactions (whales) has also decreased, which indicates lower investor activity. These trends suggest a bearish short-term outlook for DOGE.
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2023-10-15 13:31:34
#Dogecoin #rise
