Cryptocurrency analyst Ali Martinez said on Tuesday that Dogecoin (CRYPTO: DOGE) may continue its upward trend, provided it does not lose key support levels.
Will DOGE Sustain The Rally?
In an X post, Martinez highlighted DOGE trading in a rising channel on its 1-hour chart, with the lower boundary at $0.087 acting as a crucial support level.
“As long as the $0.087 support level holds, I think price could rebound toward the mid-range at $0.092 or even the channel top at $0.095,” the analyst projected.
If DOGE reaches $0.095, that would be roughly an 8% increase from its current level.
A rising channel pattern consists of two upward-sloping parallel lines, indicating that an asset’s price is moving steadily upward, characterized by a pattern of “higher highs” and “higher lows.”
Speculative Interest Jumps
Demand for DOGE among derivatives traders was also rising. According to Coinglass, the total long positions held by Binance's top traders—defined as the top 20% by margin balance—surged this week relative to short positions.
Additionally, the open interest has surged 14% over the week to $1.18 billion, suggesting an influx of new money into the market.
DOGE: Buy Or Sell?
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, typically the 12-period and the 26-period, flashed a "Buy" signal for DOGE, according to TradingView.
The Bull Bear Power indicator, meanwhile, which measures the strength of buyers and sellers, remained “Neutral.” The Relative Strength Index hovered around 40 as of this writing, suggesting room for more upside.
The dog-themed memecoin rose 4% over the past week, buoyed by easing geopolitical tensions that had weighed on many risk-on assets.
Price Action: At the time of writing, DOGE was exchanging hands at $0.0874, up 0.12% in the last 24 hours, according to data from Benzinga Pro.
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