Ali Martinez predicts Dogecoin will breakout at $0,177.

Cryptocurrency analyst Ali Martinez recently wrote that Dogecoin could be poised for significant growth. Several indicators point to the possibility of an upward movement. If all goes well, the price could reach $0,177, especially if it breaks a key resistance level where 30 billion DOGE were previously traded.

Martinez highlighted the key factors that he believes could drive Dogecoin's parabolic growth.

According to the analyst, the well-known Tom DeMark Sequential indicator generated a buy signal on Dogecoin's monthly chart last month , indicating a potential trend reversal.

Source: Ali Martinez

Ali Martinez believes Dogecoin 's current situation is very similar to August 2022, when the cryptocurrency formed an inverted hammer, accompanied by a buy signal from Tom DeMark Sequential, followed by a doji candlestick. This was followed by a 145% monthly gain.

DOGE is currently showing a similar pattern: an inverted hammer, a buy signal from TD, and a forming candlestick. If history repeats itself, the next monthly candlestick could trigger a significant surge.

The current technical situation remains positive, and it appears that major holders are preparing for growth. Over the past week, wealthy investors have accumulated over 430 million DOGE.

Since June 25, Dogecoin has been trading sideways between $0,068 and $0,08. The meme cryptocurrency's current price is $0,069, and a "death cross" recently appeared on the hourly chart.

If Dogecoin were to experience a trend reversal, a key resistance level would be $0,0813, where over 30 billion DOGE have been traded previously.

On June 23, Dogecoin experienced a sharp rebound from this key level, and it should be monitored for the next Dogecoin rally . A sustained close above $0,0813 could signal further gains, with the next resistance located at $0,177, according to Ali Martinez.