DOGE Could Rally to $0.46 as Double Bottom Pattern Takes Shape, Analyst Claims

Dogecoin is back on traders' radars as one of crypto's most-followed analysts spots what could be a game-changing chart pattern. Ali Martinez, who goes by @ali_charts on X, thinks DOGE might finally be done with its months-long slump and could be gearing up for something big.

The meme coin that started as a joke but became a household name has been having a rough time lately. But Martinez isn't writing it off just yet. He's seeing signs of what technical analysts call a double bottom - basically when a coin hits a low, bounces up a bit, then comes back down to test that same low again. It's like the market is saying "okay, this is as low as we're willing to go."

What makes this interesting is that double bottoms often signal the end of a downtrend. Think of it as the market finding its floor and getting ready to bounce back up. For DOGE holders who've been watching their bags shrink since December, this could be the light at the end of the tunnel they've been waiting for.

DOGE Needs to Break $0.26 Before Eyeing $0.46 Target

Here's where things get technical, but stick with me. Martinez's chart shows DOGE has been in a pretty nasty decline from December all the way through April. Since then, it's been making what he calls "feeble attempts" to recover - not exactly confidence-inspiring language, but honest at least.

The key level everyone's watching now is $0.26. That's the magic number DOGE needs to reclaim and hold as support. If it can do that, Martinez thinks we could see a rocket ship moment all the way up to $0.46. Now, that might not sound like much to someone holding Bitcoin, but for DOGE holders, that's potentially doubling their money from current levels.

The thing about $0.26 is it's not just some random number on a chart. It's become this psychological barrier where buyers and sellers keep battling it out. Every time DOGE gets close, something happens - either the broader market tanks, or people take profits, or some other drama unfolds. But if it finally breaks through and stays above that level, it could trigger what traders call FOMO - fear of missing out - and that's when things can get really interesting.

DOGE Fights Back After Getting Hammered This Week

Let's be real - it's been a brutal week for DOGE. Since Monday, July 22, the coin got absolutely hammered, dropping over 20% from $0.28 down to $0.22. That's the kind of move that makes people question their life choices and wonder why they didn't just stick with index funds.

But here's the thing about crypto - just when you think you've got it figured out, it does something unexpected. Today, DOGE managed to claw back about 3%, bringing it up to $0.23220. It's not exactly a victory lap, but it's something. More importantly, it fits with what Martinez predicted back on July 17 when he said DOGE was "bound for a major bullish breakout."

The recovery, modest as it is, comes at an interesting time. While Bitcoin was busy losing 3.4% over the past day, a bunch of altcoins - including DOGE - started showing some life. It's like they finally decided they didn't have to follow Bitcoin around like lost puppies anymore.

Altcoins Are Finally Breaking Free from Bitcoin's Grip

Something pretty significant is happening in crypto land that doesn't get talked about enough. For the first time in about a year, altcoins are starting to move independently from Bitcoin. Normally, when Bitcoin sneezes, every other coin catches pneumonia. But lately, that relationship is breaking down.

This "depegging" as analysts call it, is actually a big deal. It means investors are starting to look at coins like DOGE based on their own merits rather than just following whatever Bitcoin is doing. For DOGE, which has its own loyal community and unique use cases, this could be huge.

Bitcoin did manage to bounce back 1% today, getting back above $160,000, and DOGE followed along for the ride. But the fact that altcoins are showing strength even when Bitcoin is weak suggests we might be entering a new phase of the market cycle. One where meme coins like DOGE could have their moment to shine again.

The timing couldn't be better for Martinez's double bottom theory. If DOGE really is setting up for a major reversal, and altcoins are finally breaking free from Bitcoin's influence, we could be looking at the perfect storm for a serious rally. Of course, this is crypto we're talking about, so nothing's guaranteed. But for DOGE believers, there's definitely reason to be cautiously optimistic.