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Crypto Analyst Sounds Buy Alert for Dogecoin

Vaseline 2 months ago

DOGE price has largely struggled to return to $0.2 since losing this price level in early April. And the meme coin has been largely on the decline in recent weeks, reaching a low of $1.4 at one point.

However, the tides appear to be changing for Dogecoin investors, with the meme token posting a positive price performance over the past week. The double-digit gains and bullish price action over the past seven days have not gone unnoticed by experts as many anticipate a continued bullish run for the DOGE price in the near future.

Is a Price Hike Coming for Dogecoin?

Prominent crypto analyst Ali Martinez took to the X platform to share an interesting analysis and projection for the Dogecoin price. According to the expert, DOGE’s recent price action indicates a potential upside rally in the coming days.

The reasoning behind this bullish prediction revolves around the TD (Tom Demark) Sequential indicator. Martinez said this indicator has provided a buy signal on Dogecoin’s daily chart, suggesting a one- to four-day price increase could be on the cards.

The Tom Demark Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. Normally the TD Sequential indicator consists of two main phases known as the ‘setup’ and the ‘countdown’.

The setup phase consists of nine consecutive candlesticks depending on whether the token is in a bullish or bearish trend. The countdown phase, on the other hand, consists of 13 consecutive candlesticks, which begin immediately after the completion of the ‘setup’.

DOGE Award

DOGE price chart showing the setup phase | Source: Ali_charts/X

IIn the chart highlighted above, DOGE price has just completed its nine-candle setting phase, which could signal a potential price reversal. Considering that this phase was largely formed by bearish candles, the TD Sequential could indicate a bottom for Dogecoin’s price.

Ultimately, it is likely that investors will see DOGE price return to $0.2 if the potential rally produces four consecutive bullish candles. However, they can look forward to the formation of the ‘countdown phase’.

The completion of the countdown phase on Dogecoin’s daily chart could signal an even stronger and longer-lasting price reversal. This could allow the meme token to break out of its current bearish trend and gain some momentum for higher price levels.

DOGE price at a glance

At the time of writing, DOGE price is around $0.1618, reflecting a significant increase of 4.7% in the last 24 hours.

DOGE Award

DOGE price showing signs of resurgence on the daily timeframe | Source: DOGEUSDT chart on TradingView

Featured image from iStock, chart from TradingView