Dogecoin has gained 5% over the past 24 hours as the broader cryptocurrency market shows renewed strength. According to analyst Ali Martinez, several technical and on-chain factors suggest potential upside momentum.
As of the article's publication, DOGE traded at approximately $0.087, marking a 24% monthly gain. Martinez identified three key bullish indicators: a Tom DeMark Sequential buy signal on the daily timeframe, a morning doji star reversal pattern on the 24-hour chart, and significant whale accumulation.
Large holders purchased more than 400 million DOGE over five days, according to Martinez, who described the activity as adding "meaningful buying pressure at current levels." He noted that this accumulation reinforced a major on-chain support level near $0.0813, where approximately 35 million units were previously traded.
"As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets," Martinez concluded.
Other analysts have offered additional perspectives. One analyst identified a massive falling wedge pattern with price compression near $0.08, suggesting that a breakout above $0.10 could signal a significant reversal. Another analyst projected a potential 10x expansion in DOGE's market cap.
Exchange data reinforces the bullish view. In recent days, outflows from centralized exchanges have exceeded inflows, indicating that investors are moving holdings to self-custody and reducing immediate selling pressure.
Martinez previously tracked a long-term $15 DOGE target but invalidated that thesis after the price briefly fell below the lower boundary of a channel that had supported the projection.
