Dogecoin To See 24% Rally To $0.100 If This Holds: Analyst
15 Janeiro 2024 - 7:00PM
NEWSBTC
An analyst has explained that Dogecoin could rally towards $0.10
based on a pattern forming in its price if a support cluster
continues to hold. Dogecoin Has Observed A Buy Signal On Its 3-Day
Chart As explained by analyst Ali in a post on X, a TD-Sequential
buy signal recently appeared for DOGE on its 3-day price. The “Tom
Demark (TD) Sequential” here refers to an indicator in technical
analysis that helps pinpoint locations of probable tops and bottoms
in any asset’s price. This indicator is made up of two phases. The
first is called the “setup” phase, and it’s nine-candles long.
During this phase, nine candles of the same polarity are counted,
and following the ninth, the asset could be assumed to have hit a
point of reversal. Related Reading: How Low Can Bitcoin Go?
CryptoQuant Head Reveals Target Whether the setup would indicate a
buy or sell signal naturally depends on the prevailing price trend.
If the price were going up during the setup (the candles were
green), then the setup’s completion would indicate a potential
point of selling. Similarly, the TD Sequential would mark a sell
signal in the opposite case. Once the setup is complete, the second
phase of the indicator, called the “countdown,” begins. This phase
is thirteen candles long, and once these candles are in, the asset
could once again be considered to have reached a probable bottom or
top. Now, here is a chart shared by Ali that highlights the
completion of a TD-Sequential setup phase for the 3-day price of
Dogecoin: The TD-Sequential setup that has recently completed for
DOGE | Source: @ali_charts on X The above graph shows that the
Dogecoin 3-day price has recently finished a TD-Sequential setup
with red candles. This would imply that the indicator has given a
buy signal for the asset. So far, since this setup has formed, DOGE
has registered two green candles on this chart, implying that the
meme coin’s price may have indeed witnessed a change of direction.
In the same chart, the analyst has also highlighted a support
cluster for the coin, where some important lines have converged
around the $0.074 level. Based on this and the TD-Sequential
pattern that has formed, Ali notes, “as long as the $0.074 support
cluster continues to hold, DOGE has a great chance of rebounding to
$0.100 or higher!” Related Reading: Bitcoin Erases $49,000 ETF
Rally As Coinbase Users Take To Selling From the current spot price
of the cryptocurrency, a potential rally to this $0.100 target
would mean a surge of around 24% for the asset. If DOGE retests the
$0.074 support level and rebounds to this high, the coin would see
a rally of over 35%. DOGE Price Dogecoin opened 2024 with a deep
plunge, and the memecoin has so far been unable to recover from it,
as its price has mostly been stuck in consolidation. At present,
DOGE is trading around the $0.0804 mark. Looks like the price of
the asset hasn't moved much since its plunge a couple of weeks ago
| Source: DOGEUSD on TradingView Featured image from Kanchanara on
Unsplash.com, charts from TradingView.com
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