Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy?
03 Setembro 2024 - 10:30PM
NEWSBTC
Crypto analyst Ali Martinez has highlighted a major indicator for
Dogecoin (DOGE), which is flashing a bullish signal. This suggests
that now may be the right time to buy the foremost meme coin, with
a price rebound looking imminent. TD Indicator Flashes Buy
Signal For Dogecoin Martinez revealed in an X (formerly
Twitter) post that the TD indicator is flashing a buy signal for
Dogecoin. He added that the foremost meme coin is also showing a
bullish divergence against the relative strength index (RSI) on the
4-hour chart. The crypto analyst noted how these positive signs
suggest that a potential price rebound for Dogecoin is on the
horizon. Related Reading: PEPE Open Interest Plunges 72% From
ATH, Is A Recovery Imminent? Dogecoin’s price action has remained
tepid so far, as the meme coin continues to range at the crucial
price level of $0.10. However, these technical indicators show that
Dogecoin could soon achieve a successful breakout above $0.10 and
rise to new highs. Dogecoin’s price recovery will also largely
depend on Bitcoin’s price action. Data from the market
intelligence platform IntoTheBlock shows that Dogecoin’s
correlation with Bitcoin is at 0.91, indicating a strong positive
price correlation between the prices of both crypto assets. As
such, Bitcoin, being the flagship crypto, will need to make a
bullish move soon enough so that Dogecoin can also enjoy a bullish
reversal. This reversal should happen soon enough, with
crypto analysts like Mikybull Crypto predicting that Bitcoin will
enjoy a huge rally in the coming weeks. The analyst predicted that
the flagship crypto could reach a new all-time high (ATH) on its
next leg up. This will undoubtedly pave the way for Dogecoin to
surpass its year-high of $0.22, which it reached when Bitcoin hit
its current ATH of $73,000 earlier in March of this year.
DOGE Could Reach $0.30 “Within Few Days” Crypto analyst World of
Charts has predicted that Dogecoin could surpass its year-high of
$0.22 and reach $0.30 within a few days. He made this prediction
while noting that the meme coin is consolidating within a falling
wedge. He claimed that a breakout will send Dogecoin to this price
level if the falling wedge plays out. Related Reading: Road
To $5,000: Ethereum Maintains Similarities With 2016 Price
Movements Crypto analyst Trader Tardigrade also recently made a
bullish case for Dogecoin. He noted that the meme coin had formed
the second low after the last touch to the support. He revealed
that in previous cycles, Dogecoin pumped “drastically” right after
the second low. This also suggests that a mega rally is on the
horizon for Dogecoin. Based on the chart he shared, Dogecoin could
rise to as high as $4 when it witnesses this parabolic move.
At the time of writing, Dogecoin is trading at around $0.099, up
over 3% in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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