According to the latest reports, there could be one specific trigger for the next DOGE bull run. Check out the latest details about the new prediciton below.
New trigger for DOGE bullrun
A crypto strategist closely followed by many believes that the popular memecoin, Dogecoin (DOGE), could enter a bull market if it successfully crosses two resistance levels.
Ali Martinez, an analyst with 31,200 followers on social media platform X, notes that DOGE is currently trading within a large triangle pattern.
If the coin convincingly breaks out of this technical formation, it could potentially print a new all-time high.
Martinez also suggests that a weekly candlestick close above $0.0835 could trigger the beginning of a new DOGE bull run, possibly leading the coin towards $1.
However, Martinez warns that we must keep an eye on the $0.0482 support, as any sign of weakness around this level could cause a new yearly low.
After analyzing the trader’s chart, the analyst has identified two significant resistances for DOGE. The first resistance is the multi-year diagonal resistance of the triangle, while the second one is the horizontal resistance at $0.083.
As of writing, DOGE is trading at $0.059, which is a decline of over 91% from its all-time high of $0.731 that it reached in May 2021.
When it comes to the top crypto asset by market cap, the trader is keeping a close eye on Bitcoin’s (BTC) realized price warm supply metric.
This metric tracks the average buying price of all coins that have not moved for a week to six months.
According to Martinez, BTC will experience a new bull run if it moves above the current value of the on-chain metric.
“Bitcoin warm supply realized price indicator suggests that the bull run will only reignite if BTC secures a sustained close above $28,233!”
Stay tuned for more news from the crypto space and keep your eyes on the market.
