Dogecoin (DOGE) could possibly be getting ready to a significant bullish reversal primarily based on a technical indicator just lately flashing a bullish sign for the meme coin. Whereas highlighting the bullish sign, crypto analyst Ali Martinez additionally hinted at how excessive Dogecoin might rise when this reversal happens.
A Rebound For Dogecoin On The Horizon
Martinez talked about in an X (previously Twitter) put up 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.” Primarily based on the chart he shared, Dogecoin might take pleasure in a reversal to round $0.17, the realm by which it started its downtrend in early June.
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A large rebound for Dogecoin will undoubtedly be a welcome improvement for its holders, who’ve needed to cope with the meme coin’s bearish outlook for a while now. Dogecoin didn’t 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 development in the direction of the tip of June. Nevertheless, with the flagship crypto reversing and again above $63,000, Dogecoin might additionally take pleasure in a powerful restoration from its present value degree.
Furthermore, knowledge from the market intelligence platform IntoTheBlock reveals a robust optimistic correlation between Dogecoin’s value and Bitcoin’s. As such, Dogecoin might considerably transfer to the upside because the flagship crypto rebounds.
Crypto analyst Kevin (previously OG Yomi) additionally just lately 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 could possibly be parabolic when this occurs.
DOGE Might Attain $0.6 On Subsequent Leg Up
Crypto analyst Javon Marks just lately predicted that Dogecoin might 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 could possibly be getting 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 potential primarily based on the meme coin’s historic development. He famous that the foremost meme coin has all the time made a bigger run in each subsequent bull run, which means it might take pleasure in 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
