Dogecoin (DOGE) could possibly be on the point of a serious bullish reversal primarily based 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 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.” Based mostly on the chart he shared, Dogecoin might get pleasure from a reversal to round $0.17, the world during which it started its downtrend in early June.
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An enormous rebound for Dogecoin will undoubtedly be a welcome improvement 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 latest avalanche that plagued the crypto market. Bitcoin led altcoins on a downward development in direction of the top of June. Nevertheless, with the flagship crypto reversing and again above $63,000, Dogecoin might additionally get pleasure from a formidable restoration from its present worth degree.
Furthermore, data from the market intelligence platform IntoTheBlock reveals 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 not too long ago supplied a bullish narrative for Dogecoin. He stated 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 look at, 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 not too long ago 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 getting 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 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, that means it might get pleasure from a rally that may overshadow its worth transfer of twenty-two,800% within the 2021 bull run.
Featured picture created with Dall.E, chart from Tradingview.com
