Analyst Explained: “Dogecoin Can Rally But On Two Conditions”

Cryptocurrency analyst Ali Martinez shared the conditions he expects for a rally in Dogecoin (DOGE) in his statement following the general rise in the market.

Martinez claimed that the world's largest memecoin, Dogecoin, is preparing for a bullish leap. He argued that this can be followed with two key signals. First of all, Ali Martinez stated in his statement that DOGE should break the downward trend of the RSI value on its daily chart.

Secondly, it is an important resistance level for the DOGE price.

He thinks that the $0.11 level he sees should be exceeded. At the time of writing this article, the DOGE price is trading at $0.106. In April of this year, the DOGE price climbed to $0.22, but then fell to $0.06 with significant losses.

Dogecoin was trading below $0.10 before the FED decision, but with a 50 basis point interest rate cut, the entire cryptocurrency market experienced an increase led by Bitcoin, and DOGE was among the cryptocurrencies that experienced this increase.

*This is not investment advice.