The price of DOGE has had a hard time bouncing back to $0.2 after dropping below that mark in early April. Over the last couple of weeks, the meme coin has generally trended downwards, reaching a low of $1.4 at one point.
Recently, there have been signs of change for Dogecoin investors as the meme token has shown impressive price growth over the past week. With double-digit percentage gains and upbeat market signals, experts are predicting that the bullish trend for Dogecoin’s price could continue in the coming days.
Is A Price Rally Imminent For Dogecoin?
Crypto expert Ali Martinez posted on the X platform his insightful take on Dogecoin’s price trend. Based on his analysis, there are indications of an upcoming price increase for DOGE within the next few days.
The explanation for this optimistic outlook hinges upon the TD (Tom Demark) Sequential indicator. According to Martinez, this tool has triggered a buy alert on Dogecoin’s daily price chart, implying that a potential price surge of one to four days may ensue.
The Tom Demark Sequential is a technical analysis tool helping identify possible trend endings and price turnarounds. It consists of two primary stages – “setup” and “countdown.”
During the setup stage, which lasts for nine consecutive candlesticks, the token’s trend determines the configuration. In a bullish trend, the candlesticks will have certain characteristics, while in a bearish trend, they will display different features. Afterward, the countdown phase begins, consisting of 13 uninterrupted candlesticks that follow directly after the setup’s completion.
The chart you’re looking at above indicates that Dogecoin’s DOGE price has finished the initial stage of a nine-candle pattern, which could possibly mean a change in direction. Since this stage was predominantly made up of bearish candles, it’s plausible that the TD Sequential is hinting towards a potential bottom for Dogecoin’s price reversal.
In the end, there’s a good chance that the DOGE price will bounce back to $0.2 if a potential rally results in four straight bullish market indicators. But investors should also be on alert for signs of the “countdown” stage. (This means that if the market shows 4 bullish candles in a row, it is likely that the DOGE price will go back up to $0.2. However, investors need to watch out for the “countdown” phase, which could indicate a change in trend.)
Completing the countdown stage on Dogecoin’s daily chart might indicate a more powerful and prolonged price turnaround. As a result, this cryptocurrency may surge past its present downward trend and regain energy to reach greater heights.
DOGE Price At A Glance
Currently, the DOGE price is approximately $0.1618, marking a notable gain of 4.7% over the previous 24-hour period.
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2024-04-21 11:28