Dogecoin (DOGE) may very well be getting ready to a significant bullish reversal based mostly on a technical indicator not too long ago flashing a bullish sign for the meme coin. Whereas highlighting the bullish sign, crypto analyst Ali Martinez additionally hinted at how excessive Dogecoin may rise when this reversal happens.
A Rebound For Dogecoin On The Horizon
Martinez talked about in an X (previously Twitter) submit that the TD Sequential is presenting a purchase sign on Dogecoin’s 3-day chart, thereby “predicting a rebound of 1 to 4 candlesticks for DOGE.” Based mostly on the chart he shared, Dogecoin may get pleasure from a reversal to round $0.17, the world by which it started its downtrend in early June.
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An enormous rebound for Dogecoin will undoubtedly be a welcome growth for its holders, who’ve needed to cope with the meme coin’s bearish outlook for a while now. Dogecoin did not make any spectacular rally, whereas different foremost meme cash rallied following Roaring Kitty’s return.
In the meantime, the meme coin took one of many worst hits following the latest avalanche that plagued the crypto market. Bitcoin led altcoins on a downward pattern in the direction of the top of June. Nonetheless, with the flagship crypto reversing and again above $63,000, Dogecoin may additionally get pleasure from a powerful restoration from its present value degree.
Furthermore, information from the market intelligence platform IntoTheBlock reveals a robust constructive correlation between Dogecoin’s value and Bitcoin’s. As such, Dogecoin may considerably transfer to the upside because the flagship crypto rebounds.
Crypto analyst Kevin (previously OG Yomi) additionally not too long ago supplied a bullish narrative for Dogecoin. He acknowledged that his indicator had flashed a weekly purchase sign for the primary time because the meme coin was at $0.05. Moreover, Kevin famous that Dogecoin is about two inexperienced weekly candles away from confirming its first weekly golden cross in 4 years. He claimed that that is one thing to observe, suggesting that Dogecoin’s rally may very well be parabolic when this occurs.
DOGE Might Attain $0.6 On Subsequent Leg Up
Crypto analyst Javon Marks not too long ago predicted that Dogecoin may attain $0.6 on its subsequent leg up. He acknowledged that the transfer in the direction of the breakout goal at $0.6533 “could also be a matter of time, and costs may very well be making ready right here for a break above.” The crypto analyst appeared assured as he once more reaffirmed {that a} value rally of over 400% to succeed in this goal may already be loading.
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Marks had beforehand predicted that Dogecoin would rise to as excessive as $17 on this bull run. He claimed that such a meteoric transfer was doable based mostly on the meme coin’s historic pattern. He famous that the foremost meme coin has all the time made a bigger run in each subsequent bull run, which means it may get pleasure from a rally that can overshadow its value transfer of twenty-two,800% within the 2021 bull run.
Featured picture created with Dall.E, chart from Tradingview.com
