Analyst Trending Bullish For DOGE
Analyst Ali Martinez shared his bullish outlook on Dogecoin. The analyst noted that DOGE has formed an ascending triangle pattern on its 12-hour chart, which is typically a bullish continuation pattern.
According to Martinez, if Dogecoin can close above the 200 exponential moving average (EMA), which is currently around $0.078 on the 12-hour chart, it could trigger a 20% rise towards $0.093. This goal is achieved by measuring the height of the triangle and adding it to the break point. However, Martinez also warned that a sustained drop below the lower border of the triangle at $0.072 could invalidate the bullish scenario and signal a bearish reversal.
Martinez is not the only analyst to be bullish on Dogecoin. Kaleo, another popular crypto trader and influencer, also tweeted on Saturday that Dogecoin is bullish on multiple timeframes. He argued that he expects the coin to reach $0.15 soon.
Dogecoin is a cryptocurrency created as a “joke” by Billy Markus and Jackson Palmer in 2013, making fun of the crazy speculations in cryptocurrencies at the time. DOGE is based on Litecoin but has faster transactions and lower fees. It uses a proof of work (PoW) algorithm called Scrypt.
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