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- Ali Martinez has identified potential bull signals for Dogecoin and VeChain.
- DOGE is attempting to break resistance between $0.166 and $0.171.
- VET is echoing a pattern from the last bull cycle.
Market analysts are scrutinizing technical indicators in certain cryptocurrencies, suggesting potential preparations for a price upswing. Crypto analyst Ali Martinez has identified patterns in Dogecoin (DOGE) and VeChain (VET) that could help traders stay updated on trading strategies.
#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI— Ali (@ali_charts) May 28, 2024
Martinez observed significant resistance hindering DOGE’s upward movement, keeping the memecoin within a narrow range. Data from IntoTheBlock, a crypto market intelligence platform, revealed a concentration of buying activity between $0.166 and $0.171. Roughly 75,500 addresses acquired nearly 10 billion DOGE tokens within this price band.
Martinez anticipates a potential breakout above this resistance level. He suggests that a successful breach could lead to DOGE doubling its current value, with another resistance point around $0.322.
Meanwhile, Martinez identified a distinct pattern in VET, the native token of the VeChain blockchain platform focused on supply chain management. In a separate analysis, he explained how VET’s price action mirrors a pattern observed during the previous bull market.
Utilizing VET’s weekly chart, Martinez highlighted the altcoin’s retest of the upper boundary of a parallel channel. Drawing on historical data, he suggests this price behavior could signal an imminent price surge. Notably, a similar pattern in 2020 preceded a price increase of over 2,660% for VET.
Both DOGE and VET have exhibited sideways trading with minimal volatility in recent months. This potentially indicates a period of accumulation by investors. DOGE has struggled to regain its bullish momentum after retracing from a yearly high of $0.22899 in March. While finding support at $0.11984, the memecoin has yet to overcome the resistance level identified by Martinez.
VET’s price has gradually declined after reaching a yearly high of $0.055 in March. Despite currently trading at $0.0356 (according to TradingView data), the token has struggled to recapture its upward momentum.
This analysis emphasizes the importance of technical indicators for crypto market participants. On the same token, it is crucial to remember that past performance is not necessarily indicative of future results.
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