Crypto Analyst Sounds Buy Alarm For Dogecoin – Can DOGE Price Reclaim $0.2?
21 Avril 2024 - 10:13AM
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The DOGE price has largely struggled to make a return to $0.2 since
losing this price level early in April. And the meme coin has
mostly been on a descent over the past few weeks, going as low as
$1.4 at some point. However, the tides appear to be shifting for
the Dogecoin investors, with the meme token putting in a positive
price performance in the past week. The double-digit gain and
optimistic price action over the last seven days haven’t gone
unnoticed by experts, as many anticipate a continued bullish run
for the DOGE price in the near future. Is A Price Rally Imminent
For Dogecoin? Prominent crypto analyst Ali Martinez took to the X
platform to share an interesting analysis and projection for the
Dogecoin price. According to the pundit, DOGE’s recent price action
is signaling a potential rally to the upside over the coming days.
Related Reading: Battle For The Halving Block: Bitcoin Users Spend
Record $2.4 Million On Block 840,000 The reasoning behind this
bullish prediction revolves around the TD (Tom Demark) Sequential
indicator. Martinez mentioned that this indicator has flashed a buy
signal on Dogecoin’s daily chart, suggesting that a price upswing
lasting between one to four days might be on the cards. The Tom
Demark Sequential is an indicator in technical analysis used to
identify potential points of trend exhaustion and price reversal.
Typically, the TD Sequential indicator comprises two major phases
known as the “setup” and the “countdown.” The setup phase
consists of nine consecutive candlesticks depending on whether the
token is in a bullish or bearish trend. The countdown phase, on the
other hand, consists of 13 consecutive candlesticks, which start
immediately after the completion of the “setup.” DOGE price
chart showing the setup phase | Source: Ali_charts/X In the chart
highlighted above, the DOGE price just completed the nine-candle
setup phase, which may be signaling a potential price reversal.
Given that this phase was mostly formed by bearish candles, the TD
Sequential might be indicating a bottom for Dogecoin’s price.
Ultimately, it is likely that investors will see the DOGE price
return to $0.2 if the potential rally produces four consecutive
bullish candles. However, they might keep an eye out for the
formation of the “countdown” phase. The completion of the countdown
phase on Dogecoin’s daily chart could signal an even stronger and
longer-lasting price reversal. This could see the meme token break
out of its current bearish trend and gather some momentum for
higher price levels. DOGE Price At A Glance As of this writing, the
DOGE price stands at around $0.1618, reflecting a significant 4.7%
increase in the past 24 hours. Related Reading: Shiba Inu (SHIB)
Price Jumps On Growing Support From 1.4 Million Holders DOGE price
showing signs of resurgence on the daily timeframe | Source:
DOGEUSDT chart on TradingView Featured image from iStock, chart
from TradingView
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