Usman Salis
Analyst Ali Martinez thinks Dogecoin (DOGE) is forming a double bottom pattern that could send the meme coin rallying to $0.46.
Dogecoin might be gearing up for a comeback. At least that's what crypto analyst Ali Martinez (@ali_charts) is seeing in the charts right now. He's spotted what looks like a double bottom pattern forming, and if he's right, DOGE could be heading for a nice rally.
So what's a double bottom? It's basically when a coin hits a low, bounces up, then comes back down to test that same low again. Think of it like the market saying "nope, we're not going any lower." When this pattern works out, it usually means the downtrend is done and prices are ready to move up.
DOGE has been through the wringer lately. The coin got hammered from December through April, then spent months trying to find its feet again. Martinez says those recovery attempts have been pretty weak so far, but now things might be changing.
DOGE (DOGE) Needs to Break Above $0.26 First
Here's the catch – before any big rally can happen, Dogecoin needs to reclaim $0.26 as solid support. That's the key level Martinez is watching. If DOGE can get back above that and hold it, then a move to $0.46 becomes realistic.
Right now, DOGE is trading at $0.23220, so it's got some climbing to do. The meme coin has had a rough week, dropping over 20% since Monday when it was at $0.28. That selloff pushed it down to around $0.22, but today we're seeing a 3% bounce.
This isn't Martinez's first bullish call on DOGE either. Back on July 17, he tweeted that Dogecoin was "bound for a major bullish breakout." So he's been tracking this setup for a while.
DOGE (DOGE) Getting Help from Altcoin Independence
Something interesting is happening in crypto right now that could help Dogecoin's cause. Many altcoins have been rising even while Bitcoin dropped 3.4% over the past day. That's unusual – normally when Bitcoin falls, everything else follows.
Analysts are calling this "depegging" from Bitcoin, and it's the first time we've seen this in about a year. For DOGE and other altcoins, this could be great news. It means they're not just slaves to Bitcoin's price action anymore.
Bitcoin did bounce back 1% today and regained the $160,000 level, with DOGE following along. But this new independence could give individual coins more room to move based on their own technical setups rather than just copying whatever Bitcoin does.
For Dogecoin specifically, this environment is perfect for the kind of breakout Martinez is predicting. If DOGE can hold current levels and start building back toward $0.26, that $0.46 target doesn't seem crazy at all.
Of course, nothing's guaranteed in crypto. Double bottoms don't always work out, and even when they do, timing can be unpredictable. But for DOGE holders who've been waiting for some good news, Martinez's analysis at least gives them something to hope for.
The big question now is whether Dogecoin can keep this bounce going and actually make a run at reclaiming $0.26. If it can do that, we might finally see the meme coin break out of its recent slump and head for higher ground.
Usman Salis
