Crypto analyst and trader Ali Martinez shared an interesting analysis on the future potential of Dogecoin (DOGE). In particular, he explained when we will see the critical $1 level for Dogecoin. Here are the details…
Promising analysis for Dogecoin
Analyst Ali Martinez explained his expectations for the popular meme coin. He specifically suggested that the original dog-themed cryptocurrency could see a significant rise to $1. Martinez believes DOGE is on the verge of breaking out of its perennial “descending triangle” formation. He also believes it will potentially trigger a new bull run. Currently, DOGE is trading at $0.0586 and has experienced a decline of 8.46% since October 2, when it was priced at $0.0640. However, in recent days, the meme coin has shown signs of recovery, with a gain of 2.31 percent in the past two days.
#Dogecoin is approaching the apex of this multi-year descending triangle formation.
A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness… pic.twitter.com/Emcwfyv6cE
— Ali (@ali_charts) October 13, 2023
Martinez emphasizes the importance of the $0.0835 level, stating that if the weekly DOGE candle closes above this mark, it could signal the beginning of a new bull run. This uptrend could pave the way for DOGE to reach the much-anticipated $1 milestone. However, amid the optimism, Martinez issued a warning to traders, advising them to keep a close eye on the $0.0482 support level. He reminds investors of the inherent volatility in the cryptocurrency market, warning that “any sign of weakness at this level could lead to a new yearly low.”
Market criticism came from DOGE developer
In the broader context of the crypto market, there is a strong feeling among some, including cryptocurrency maximalists, that the next bull market is near. However, DOGE developer @mishaboar took a more critical stance on such predictions. In a recent post on social media, he criticized those who eagerly await a bull market and encourage speculative behavior in the crypto space. Mishaboar argues that crypto speculation is akin to gambling and warns that the market is often influenced by sentiment and hype, creating an environment of injustice and corruption.
You can instead use crypto to learn about coding, for example, to understand more about how the economy works, and about the risks of centralization.
Build skills and knowledge that will help you throughout your life.
— Mishaboar (@mishaboar) September 22, 2023
He believes that many participants in the crypto market do not fully understand the risks associated with speculation. Instead of gambling on crypto, @mishaboar advocates a more practical approach. He suggests that people consider using cryptocurrencies as a currency and emphasizes the importance of decentralization. He also recommends that individuals seize the opportunity to learn about coding, suggesting that this knowledge can offer insights into how economies function and the risks associated with centralization. As a result, it is crucial for investors to proceed with caution and pay attention to potential pitfalls and opportunities in the cryptocurrency space.
