Top meme asset Dogecoin (DOGE) could be “set for an upside breakout,” according to a popular cryptocurrency trader.
Analyst Ali Martinez tells his 71,100 followers on social media platform X that they should watch for two “key signals” indicating a possible DOGE breakout.
Martinez says traders should watch for Dogecoin’s Relative Strength Index (RSI) to break the downtrend line on the daily chart.
The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought. RSI readings range from zero to 100, with a level between 70 and 100 indicating that the asset is overbought, while a level of zero to 30 indicates that the asset is oversold.
Martinez’s second key signal is whether DOGE can break through its $0.11 resistance. Dogecoin is trading around $0.106 at the time of writing and has risen over 5% in the last 24 hours.
Looking at other altcoins, the analyst also notes that crypto whales have gobbled up 380 million XRP worth around $228 million in the past 10 days.
XRP is trading at $0.593 at the time of writing. The seventh largest crypto asset by market capitalization is up nearly 3% in the last 24 hours.
In contrast, Martinez notes that over the past three weeks, 547,600 Ethereum (ETH) worth more than $1.26 billion have been sent to crypto exchanges.
ETH is trading at $2,468 at the time of writing and is up more than 6% in the last 24 hours.
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