Dogecoin (DOGE) could possibly be on the point of a serious bullish reversal based mostly 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) post 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 get pleasure from a reversal to round $0.17, the realm 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 take care of 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 current avalanche that plagued the crypto market. Bitcoin led altcoins on a downward pattern in direction of the tip of June. Nonetheless, with the flagship crypto reversing and again above $63,000, Dogecoin might additionally get pleasure from a formidable restoration from its present worth stage.
Furthermore, data from the market intelligence platform IntoTheBlock exhibits a strong positive correlation between Dogecoin’s worth and Bitcoin’s. As such, Dogecoin might considerably transfer to the upside because the flagship crypto rebounds.
Crypto analyst Kevin (formerly OG Yomi) additionally just lately supplied a bullish narrative for Dogecoin. He stated that his indicator had flashed a weekly purchase sign for the primary time for the reason that 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 May 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 stated that the transfer in direction of the breakout goal at $0.6533 “could also be a matter of time, and costs could possibly be making ready right here for a break above.” The crypto analyst appeared assured as he once more reaffirmed {that a} worth rally of over 400% to succeed in this goal may already be loading.
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Marks had previously 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 at all times made a bigger run in each subsequent bull run, which means it might get pleasure from a rally that can overshadow its worth transfer of twenty-two,800% within the 2021 bull run.
Featured picture created with Dall.E, chart from Tradingview.com
