Dogecoin, the meme coin often adored by Tesla CEO Elon Musk, has surged more than 10% in the past week. As of Friday, July 18, the token coin traded at around $0.234, nearly 70% below its all-time high of $0.7376 set in May 2021. The rally comes as Bitcoin hit a new record of $123,091.61 this week, boosting sentiment across cryptocurrencies, including Dogecoin. According to

crypto analyst

Ali Martinez who goes by @ali_charts on X (formerly Twitter), the Dogecoin seems to form a "double bottom" pattern soon. “If the pattern plays out, Dogecoin could rise to $0.42 by September,” Martinez wrote.

In technical terms, a double bottom occurs when an asset hits a low point twice with a small rally in between. If the price breaks above the middle high — known as the neckline — it often indicates the start of an upward trend.Martinez also pointed out an increase in large transactions. He said that more than 1 billion Dogecoin tokens have been purchased by crypto “whales” within just 48 hours.

In general, whale activity often comes before major price moves in the crypto market, and Dogecoin’s sudden surge in volume has caught the attention of traders and analysts alike.

While Elon Musk has not publicly commented on Dogecoin, his support for the meme coin in the past can be termed ‘influential’. The tech billionaire has called it the ‘people’s crypto’ and even hinted at using it in products and services at his companies – Tesla and X.Even without a direct mention, the market still watches Musk’s movements closely, as his tweets have repeatedly influenced Dogecoin’s price in the past.

At its current price of $0.234, Dogecoin would need to rise about 80% to reach Martinez’s target of $0.42 by September. While that may seem ambitious, the crypto market is known for sharp moves driven by technical signals, whale action, and online buzz.