Crypto Analyst Sounds Buy Alarm For Dogecoin

DOGE price has barely struggled to return to $0.2 since losing this price level in early April. And memecoin has mostly fallen over the past few weeks, at one point dropping as low as $1.4.

However, the tide appears to be turning for Dogecoin investors, with the meme token showing positive price performance over the past week. His double-digit gains and optimistic price movement over the past 7 days have not gone unnoticed by experts, as many expect the DOGE price bull run to continue in the near future.

Is a Dogecoin price increase imminent?

Renowned crypto analyst Ali Martinez uses the X platform to share Interesting analysis and predictions for Dogecoin prices. According to experts, DOGE’s recent price action suggests that it could head towards an upside in the coming days.

The reasoning behind this bullish prediction revolves around the TD (Tom DeMark) sequential indicator. Martinez said the indicator is sending a buy signal on Dogecoin’s daily chart, suggesting that a price rally could be expected that will last for one to four days.

Tom DeMark Sequential is a technical analysis indicator used to identify potential points of trend expiration and price reversal. The TD sequential indicator typically consists of two main phases known as “setup” and “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 and begins immediately after the “setup” is completed.

doge price

DOGE price chart showing the setup phase | Source: Ali_charts/X

IIn the chart highlighted above, DOGE price has just completed a 9-candle setup phase, which could indicate a possible price reversal. Given that this phase is mainly formed by bearish candlesticks, the TD sequential could indicate a bottom in Dogecoin’s price.

Ultimately, if the potential rally produces a fourth consecutive bullish candlestick, investors are likely to see DOGE price return to $0.2. However, we might keep an eye on the formation of a “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 allow the meme token to break out of the current bearish trend and gather momentum towards higher price levels.

DOGE price overview

As of this writing, DOGE price is around $0.1618, reflecting a significant 4.7% increase over the past 24 hours.

doge price

DOGE price showing signs of resurgence on the daily timeframe | Source: DOGEUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Related Article

0 Comments

Leave a Comment