Dogecoin (DOGE) Forms Double Bottom, Eyeing Rally to $0.46: Analyst

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Cryptocurrency analyst and trader Ali Martinez, known on the X social media network as @ali_charts, has shared insights with the crypto community regarding potential price movements for Dogecoin, the original meme cryptocurrency.

Martinez suggests that DOGE might be poised for a rebound.

Dogecoin Eyes Surge to $0.46: Key Level to Watch

In a recent post, Martinez highlighted a potential double bottom pattern forming in Dogecoin's price action. This pattern is often interpreted as a strong signal of a trend reversal, indicating a shift from a prior downtrend.

The chart analysis reveals a significant decline in DOGE's value from December to April. Since then, recovery attempts have been weak. However, according to Martinez, the possible formation of a double bottom suggests a prime opportunity for a rebound.

Specifically, if Dogecoin successfully reclaims $0.26 as a support level, it could pave the way for a substantial rally towards the $0.46 price target.

Altcoins Decoupling from Bitcoin?

Since Monday, July 22, Dogecoin experienced a decline of over 20%, dropping from $0.28 to around $0.22. However, today DOGE has shown some positive momentum, printing a 3% gain and currently trading at approximately $0.23220 per coin.

On July 17, Martinez had previously indicated that Dogecoin was potentially gearing up for a major bullish breakout. Furthermore, several analysts have observed that numerous altcoins have been increasing in value, even as Bitcoin, the market leader, experienced a 3.4% decrease over the past 24 hours. This has led to speculation that altcoins are, for the first time in a year, decoupling from Bitcoin's price movements.

Bitcoin has since rebounded by 1%, reclaiming the $160,000 level, and DOGE appears to be following this positive trend.