In the midst of Dogecoin’s impressive surge over the past week, prominent crypto analyst Ali Martinez has shed light on some pivotal market trends.
While Bitcoin and other heavyweight altcoins are experiencing a downturn, this canine-themed digital asset is barking up the right tree with a double-digit gain over the past week.
Before we dive into Martinez’s analysis, let’s briefly explain two key concepts in technical analysis: support and resistance levels.
Support levels are price levels at which a lot of buyers tend to enter the asset, causing the price to stop falling and start rising. Resistance levels, on the other hand, are price levels at which a lot of sellers start selling the asset, causing the price to stop rising and start falling. These levels are crucial for traders to understand when to potentially buy or sell.
Martinez has been keeping a close eye on the Dogecoin market. In his latest analysis, the popular crypto analyst pointed out that the $0.070 – $0.076 level on the DOGE/USDT chart is a critical support zone for Dogecoin.
On the flip side, Martinez noted that the bears are firmly entrenched at the $0.083 and $0.088 price levels, ready to sell DOGE. These specific levels are more apparent on the lower timeframe charts.
At the time of writing, DOGE is trading at around $0.0783, down 1.3% in the past 24 hour period. In the year-to-date period, DOGE is up 12%.