Influential cryptocurrency analyst Ali Martinez anticipated a significant rebound for Dogecoin DOGE/USD despite the market slump on Sunday.
What Happened: Martinez, known for spotting chart patterns and issuing price predictions, said in an X post that Dogecoin was nearing a critical support level at the lower boundary of the ascending channel.
“Holding above $0.16 could fuel a strong rebound,” the analyst projected.
An ascending channel pattern is a bullish continuation pattern that suggests that the bullish trend is likely to continue after a period of consolidation.
Martinez also drew attention to the surge in whale interest for the dog-themed cryptocurrency over the last few days.
About 1.7 billion tokens, worth $290 million at prevailing prices, were snapped by the largest DOGE whales in the last 72 hours, potentially paving the way for the next breakout.
The finding was corroborated by IntoTheBlock, which showed a 41% jump in DOGE transactions valued at over $100,000 in the last 24 hours.
However, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price indicator, flashed a "Sell" signal for DOGE, according to TradingView.
See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT
Why It Matters: Martinez’s bullish prognosis comes amid a volatile cryptocurrency market as leading cryptocurrencies, including Bitcoin BTC/USD, witnessed a sharp sell-off on Sunday evening due to fears of a recession.
The slump comes after President Donald Trump signed an executive order to establish a Bitcoin Strategic Reserve and hosted the first-ever Crypto Summit at the White House.
Dogecoin hasn’t been insulated from the decline, as the world’s leading meme coin fell over 24% in the last week and more than 30% over a month.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1733, down 9.47% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has tanked by 45%.
Image via Shutterstock
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