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.