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

Cryptocurrency analyst and trader Ali Martinez, known on the X social media network as @ali_charts, has shared with the crypto community some analysis about the potential movements of the original meme cryptocurrency, Dogecoin.

The analyst believes DOGE might be in for a rebound.

Dogecoin eyes surge to $0.46, here’s what must happen first

In his tweet, Martinez pointed out that Dogecoin might be forming a double bottom pattern, which represents a major trend reversal from a prior downward movement of an asset.

The chart shows that DOGE declined heavily from December to April and then began showing feeble attempts to recover. However, now, per Martinez, if Dogecoin is indeed forming a double bottom, it is likely to hit a spot for a rebound.

Once it reclaims $0.26 as support, it could soar further and reach the $0.46 price level.

Altcoins depegging from Bitcoin

Since Monday, July 22, the original meme coin has lost more than 20%, falling from $0.28 to the $0.22 price mark. However, today, DOGE printed a 3% green candle, adding roughly 3% and currently changing hands at $0.23220 per coin.

On July 17, Martinez tweeted that Dogecoin was bound for a major bullish breakout. Besides, many analysts have noticed that many major altcoins have been rising in price despite the 3.4% decline that was demonstrated by the market leader, Bitcoin, over the past 24 hours. They are stating that altcoins are depegging from BTC for the first time over the past year.

Today, it rebounded by 1%, regaining the $160,000 level, and DOGE followed suit.