Is Dogecoin Poised For A Big Leap? ‘Promising’ Indicators To Watch
31 Outubro 2023 - 8:00AM
NEWSBTC
Dogecoin (DOGE) has experienced a modest upturn in both its daily
and weekly performance, prompting speculation about its potential
for future growth. While the gains have been minimal, a prominent
analyst, Ali Martinez, suggests that there might be room for
further development. Martinez’s analysis reveals that
Dogecoin, as seen on the weekly chart, is breaking free from a
multiyear descending triangle pattern. This pattern is a technical
analysis pattern used in financial markets to predict potential
price movements. In this pattern, a horizontal line represents a
level of support, while a descending trendline signifies a level of
resistance. #Dogecoin shows promising signs, breaking out
from a multi-year descending triangle on the $DOGE weekly chart!
The confirmation of a buy signal from the TD Sequential indicator
within this timeframe reinforces #DOGE bullish outlook.
pic.twitter.com/ao7VXyxaEa — Ali (@ali_charts) October 29, 2023
DOGE: Resilience Amid Market Volatility The price typically bounces
between these two lines, creating a triangle shape. Breakouts from
this pattern often indicate a significant price movement. In the
case of Dogecoin, breaking out from this pattern suggests a
potential upward price movement. Current data from CoinGecko places
Dogecoin’s price at $0.069051, reflecting a 1.0% increase in the
past 24 hours and a 2.0% rise over the previous seven days.
Martinez has specifically noted that the meme coin is displaying a
confirmation of a buy signal generated by the TD Sequential
indicator within this timeframe. DOGE seven-day price action.
Source: Coingecko Related Reading: Artificial Intelligence Crypto
Boom: What’s Behind The Double-Digit Surge? Bullish Dogecoin
Indicators The TD Sequential indicator is a technical analysis tool
that helps traders identify potential points of trend exhaustion or
trend continuation. A buy signal in this context indicates that the
current price movement is expected to continue upward, which aligns
with Martinez’s optimism regarding Dogecoin’s future prospects. In
a surprising turn of events, a Dogecoin wallet that had remained
dormant for nearly a decade came back to life recently. This wallet
was involved in a series of significant transactions worth hundreds
of thousands of dollars. The blockchain tracking platform
Blockchair first detected this sudden activity. Blockchair’s data
showed that the inactive wallet executed three separate transfers
on October 28 and October 29. These transactions involved the
movement of DOGE tokens amounting to $372,461 to a different
wallet. The sheer scale of this movement has raised eyebrows within
the cryptocurrency community. The reactivation of a long-dormant
wallet and the substantial transfers it conducted have stirred
speculation within the Dogecoin community. Such significant
transactions have the potential to influence market sentiment and,
subsequently, price movements. Traders and enthusiasts will be
closely monitoring the market to assess the impact of this whale
move on Dogecoin’s price. Related Reading: Ethereum Resilient Above
$1,800 Pre-FOMC Meeting – Details DOGE market cap currently at
$9.796 billion. Chart: TradingView.com (This site’s content should
not be construed as investment advice. Investing involves risk.
When you invest, your capital is subject to risk). Featured image
from Shutterstock
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