Ali Martinez, a cryptocurrency analyst and trader, shared his bullish outlook on Dogecoin in a tweet on Saturday.
He noted that the coin has formed an ascending triangle on its 12-hour chart, which is typically a bullish continuation pattern.
According to Martinez, if Dogecoin can close above the 200 exponential moving average (EMA), currently around $0.078 on the 12-hour chart, it could trigger a 20% rise towards $0.093. This goal is achieved by measuring the height of the triangle and adding it to the break point.
However, Martinez also warned that a sustained drop below the lower border of the triangle at $0.072 could invalidate the bullish scenario and signal a bearish reversal.
DOGE price is trading at approximately $ 0.081 at the time of this writing. DOGE price seems to be in a sudden rally.
Martinez is not the only analyst to be bullish on Dogecoin. Kaleo, another popular crypto trader and influencer, also tweeted on Saturday that Dogecoin is bullish on multiple timeframes. He argued that he expects the coin to reach $0.15 soon.
Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer as a "prank" in 2013, making fun of the crazy speculations in cryptocurrencies at the time.
DOGE is based on Litecoin but has faster transactions and lower fees. It uses a proof of work (PoW) algorithm called Scrypt.
*Not investment advice.