Leading cryptocurrency analyst Ali Martinez on Sunday identified $0.095 as the key level for Dogecoin’s (CRYPTO: DOGE) bullish breakout.
Breakout Getting Closer?
Martinez noted DOGE’s consolidation in a descending triangle on the 4-hour chart, adding that the structure is “becoming increasingly compressed” and a “breakout could be getting closer.”
The descending triangle pattern features a downward-sloping trendline with lower highs, suggesting a potential trend continuation or reversal.
“The key level I’m watching is $0.095,” the analyst added. “A 4-hour close above it could confirm a bullish breakout and trigger a rally toward $0.106.”
DOGE is sitting around $0.095 right now — so that’s about another 10% upside to Martinez’s target.
What’s Happening With Spot DOGE ETFs?
Institutional interest in Dogecoin has held firm, with spot exchange-traded funds attracting $3.16 million in net inflows during September, marking the second-strongest month of the year.
Grayscale Dogecoin Trust ETF (NYSE:GDOG) has attracted a disproportionately large share, 96%, of all cumulative inflows into spot Dogecoin ETFs so far, according to SoSoValue.
Interest has risen after DogeOS launched its public testnet, allowing developers an EVM-compatible environment to build finance, gaming and consumer applications on the Dogecoin network.
Which Way is DOGE Headed?
The Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral" for DOGE, and so was the Relative Strength Index, according to TradingView.
However, the Moving Average Convergence Divergence indicator, which compares the 12-period and the 26-period exponential moving averages, flashed a "Sell" signal for DOGE.
Price Action: As of this writing, DOGE is up 3.10% in the last 24 hours to $0.095, according to Benzinga Pro.
Photo Courtesy: Akif CUBUK on Shutterstock.com
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