Crypto analyst Ali Martinez has expressed optimism about Dogecoin DOGE/USD, noting that it is breaking out from a multi-year descending triangle on the DOGE weekly chart.
What Happened: According to the analyst, this breakout, along with a buy signal from the TD Sequential indicator, reinforces the bullish outlook for DOGE.
"Dogecoin shows promising signs, breaking out from a multi-year descending triangle on the DOGE weekly chart! The confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces DOGE bullish outlook," the analyst noted.
At the time of writing, DOGE was trading at $0.0687.
Another analyst Crypto Tony, also talked about DOGE, stating that a weekly closure above a particular trendline would mark the first time in 700 days. He mentioned the rising popularity of meme coins such as Floki FLOKI/USD and the Pepe Coin PEPE/USD, highlighting their potential in the memecoin market.
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Why It Matters: Meanwhile, last Thursday, Martinez shared insights regarding the trajectories of Bitcoin BTC/USD and Ethereum ETH/USD. Martinez believes that BTC is preparing for an upward trend, but he anticipates a temporary dip to around $33,000 before the bullish breakout.
Martinez further mentioned that BTC seems to have formed an ascending triangle on the hourly chart. He believes that if BTC continues to trade below the hypotenuse, the chances of a 5% correction toward $33,000 increase.
Analyzing past market cycles, Martinez suggests that the current period remains an opportune time to buy BTC. In line with historical trends, he points out that the next BTC market top is projected to occur around October 2025, indicating two exciting years ahead for Bitcoin.
Price Action: At the time of writing, BTC was trading at $34,237.44, up 0.81% in the last 24 hours, according to Benzinga Pro.
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