According to crypto expert Ali Martinez, there’s a significant clue pointing towards Dogecoin (DOGE) that indicates a positive trend. This hint could mean it’s an opportune moment to invest in the popular meme currency, as a price surge seems likely to happen soon.
TD Indicator Flashes Buy Signal For Dogecoin
Martinez shared via a post (previously known as Twitter) that the TD indicator suggests it’s time to buy Dogecoin. He also pointed out a bullish divergence between Dogecoin and the relative strength index (RSI) on the 4-hour chart, which he believes could indicate an upcoming price increase for Dogecoin. The cryptocurrency analyst emphasized these positive signals hint at a possible recovery in Dogecoin’s value.
So far, Dogecoin’s price movement has been relatively slow, with the meme currency holding steady near the key price point of $0.10. Nevertheless, these technical signals suggest that Dogecoin may soon break through this level and reach new peaks. The future performance of Dogecoin is also closely tied to the fluctuations in Bitcoin‘s value.
According to information from market intelligence platform IntoTheBlock, there’s a strong positive relationship between Dogecoin and Bitcoin, with their price movements closely tied at a correlation of 0.91. This suggests that if Bitcoin, the leading cryptocurrency, rallies soon, it could potentially trigger a bullish trend for Dogecoin as well.
The predicted reversal is expected to occur fairly quickly, as crypto analyst Mikybull Crypto foresees a significant surge in Bitcoin’s value within the upcoming weeks. This analyst anticipates that Bitcoin could set a new record high (peak) during its next upward spike. Consequently, this growth trend will likely enable Dogecoin to exceed its yearly maximum of $0.22, which it attained when Bitcoin reached its current all-time high (peak) of $73,000 in March of this year.
DOGE Could Reach $0.30 “Within Few Days”
According to cryptocurrency analyst World of Charts, it’s possible for Dogecoin to exceed its annual peak of $0.22 and potentially reach $0.30 in just a short time. This prediction is based on the observation that Dogecoin is currently consolidating within a falling wedge pattern. If this pattern unfolds as expected, a breakout could propel Dogecoin to this price point.
Crypto analyst Trader Tardigrade recently put forth an optimistic viewpoint regarding Dogecoin. He pointed out that the meme currency had reached its second lowest point since touching its support level, a pattern he noted has historically preceded significant growth in value for Dogecoin. In past cycles, this second low led to a substantial increase in Dogecoin’s price. This observation implies that a major surge could be imminent for Dogecoin. Referencing the chart he presented, Tardigrade forecasted that Dogecoin could potentially rise as high as $4 when it experiences this rapid upward trend.
As I pen these words, Dogecoin stands at approximately $0.099, registering a 3% surge over the past 24 hours, as per the latest figures from CoinMarketCap.
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2024-09-04 04:35