Analyst Explained: “Dogecoin Can Rally But On Two Conditions”

Cryptocurrency analyst Ali Martinez recently outlined the conditions he believes could trigger a rally in Dogecoin (DOGE).

Martinez suggests that the world's most popular memecoin, Dogecoin, is poised for a bullish surge. He identifies two key signals to watch for:

1. Breaking the downward trend of the Relative Strength Index (RSI) on its daily chart
2. Overcoming the key resistance level of $0.11

At the time of writing, DOGE is trading at approximately $0.106. In April, the price surged to $0.22 but subsequently dropped to $0.06, marking a significant loss.

Prior to the recent Federal Reserve decision, Dogecoin was trading below $0.10. However, a 50 basis point interest rate cut sparked a surge across the cryptocurrency market, led by Bitcoin. DOGE was among the beneficiaries of this increase.

Please note that this information does not constitute investment advice.