Dogecoin (DOGE) may very well be on the point of 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) 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 may take pleasure in a reversal to round $0.17, the realm wherein 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 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 direction of the top of June. Nonetheless, with the flagship crypto reversing and again above $63,000, Dogecoin may additionally take pleasure in a formidable restoration from its present worth degree.
Furthermore, information from the market intelligence platform IntoTheBlock reveals a sturdy optimistic correlation between Dogecoin’s worth 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 offered a bullish narrative for Dogecoin. He said 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 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 said that the transfer in direction of the breakout goal at $0.6533 “could also be a matter of time, and costs may very well 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 beforehand predicted that Dogecoin would rise to as excessive as $17 on this bull run. He claimed that such a meteoric transfer was attainable based mostly 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 may take pleasure in 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