Dogecoin Breaks One Condition for a Breakout: Is Altcoin Season Just a Matter of Time?

As Dogecoin breaks its RSI downtrend, the next hurdle for a bullish breakout is the $0.11 resistance line.

With analysts forecasting the imminent arrival of altcoin season, could we be on the verge of a major surge in altcoin prices?

RSI Downtrend Broken, Only Resistance Line Left to Break

The cryptocurrency market has shown signs of recovery recently, and there’s growing anticipation that Dogecoin (DOGE), one of the most well-known meme coins, may soon experience a significant price surge.

Ali Martinez (@ali_charts), a prominent analyst with over 72,000 followers on X (formerly Twitter), reported on September 22, 2024, that Dogecoin is preparing for a bullish breakout.

Martinez explained that one of the two key conditions necessary for a price breakout has already been met.

The condition that Dogecoin has fulfilled is the "break of the RSI downtrend" on the daily chart. Now, the next step is breaking through the resistance level at $0.11, which is eagerly awaited.

RSI, or the Relative Strength Index, is a well-known technical indicator used to determine whether an asset is overbought or oversold. Breaking the RSI downtrend can be seen as a potential sign of price reversal or the beginning of a bullish trend.

Forecast for the Arrival of Altcoin Season

In another post on September 23, 2024, Ali Martinez pointed out that the "altcoin season," a period when altcoins experience significant price increases, is approaching.

Martinez shared charts of altcoin market capitalization and Bitcoin dominance to predict an upcoming rise in altcoin prices, expressing that the arrival of altcoin season is only a matter of time.

More voices in the crypto industry are predicting the rise of altcoins. Several renowned analysts and traders have recently made the following comments (click the link for more detailed articles):

• "Now is the time to buy altcoins, even if it means selling your house."
• "Altcoins are touching a key trendline that has held for 5 years."
• "A perfect Wyckoff accumulation pattern is forming."
• "Expect price increases to continue over the next few weeks to months."
• "Three bullish signs suggest an upcoming altcoin season."

The signs of a potential price surge that Martinez observed for DOGE are also being seen in other altcoins.

This has led many to believe that a full-fledged bullish market could soon start across various altcoins, possibly propelling the entire cryptocurrency market toward new all-time highs.

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