Orhan 
Dogecoin (DOGE), known as the king of memecoins in the crypto world, is back in the spotlight with claims of a new rally. Experienced crypto analyst Ali Martinez noted that DOGE has reached a significant breakout point. According to Martinez, if Dogecoin surpasses the resistance level at $0.169, it could see a price increase of 27%, potentially reaching $0.209.
Critical Resistance Point and Current Situation for Dogecoin
At the time of this writing, Dogecoin is trading at $0.157, having increased by 16% over the past week. However, a 3.46% drop in the last 24 hours has caused a slight pullback in its price. Martinez indicates that if DOGE breaks past $0.169, it could gain upward momentum, claiming this level’s breach could push the price to $0.209.
Changing Positions on Binance
In his comments on the broader crypto market, Martinez noted that most investors on the Binance exchange are closing their short positions and shifting to long positions. Currently, 52.44% of positions on the exchange are long, indicating that investors are optimistic about a price increase.
Expected Jump for Ethereum
Martinez also shared his views on Ethereum, noting that the ETH price has given a bullish signal on the TD Sequential indicator in the 4-hour charts. According to the analyst, it is crucial for ETH to maintain above the $2,480 support level for a potential upward movement. If this support level holds, Ethereum could see new price appreciation potential.
Assessment
Resistance levels determined by analysts in highly volatile cryptocurrencies like memecoins are closely monitored in the market. A cryptocurrency like Dogecoin, which is influenced by social media and community power, can experience rapid price changes when such critical levels are breached. Therefore, it is essential for investors to pay attention to risk management while trading.
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