Dogecoin (DOGE) Forming Bullish Setup That’s Previously Triggered Massive Rallies, Says Crypto Trader

Cryptocurrency analyst and trader Ali Martinez is leaning bullish on the largest memecoin by market cap.

Martinez tells his 73,200 followers on the social media platform X that the Moving Average Convergence/Divergence (MACD), an indicator used to determine the strength and direction of a trend, is potentially forming a bullish crossover on the weekly chart of Dogecoin (DOGE).

The crypto analyst and trader says,

“The last two times Dogecoin DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively.”

Martinez further says that the Dogecoin network is recording “significant growth” with the number of new addresses going up by double digits in a week.

“Over the past week, there’s been a 72% increase in new DOGE addresses, and just yesterday alone, 19,630 new DOGE addresses were created!”

Dogecoin is trading at $0.105 at time of writing.

Next up is Bitcoin (BTC). The analyst and trader says that Bitcoin may have witnessed a trend shift if the crypto king’s price action on the daily chart.

“As of today, it appears Bitcoin has made a higher low and a higher high, suggesting the trend may have shifted from bearish to bullish!”

Bitcoin is trading at $60,880 at time of writing.

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