Can DOGE claim 015 as Dogecoin shows a buy signal
Crypto  

Can DOGE claim 015 as Dogecoin shows a buy signal

3545 Views

Despite the current volatile market conditions and bearish sentiments surrounding Dogecoin (DOGE), technical indicators are pointing towards a potential buying opportunity for the meme coin. Renowned crypto analyst Ali Martinez recently highlighted in a post that Dogecoin is showing signs of a potential rebound, with the TD Sequential indicator presenting a buy signal on the three-day chart.

This buy signal suggests that a reversal may be on the horizon, potentially paving the way for DOGE to target higher price levels, including the critical $0.15 mark. Martinez stated, “The TD Sequential presents a buy signal on the #Dogecoin 3-day chart, predicting a rebound of one to four candlesticks for $DOGE!”

Taking a closer look at the three-day chart for Dogecoin, it is evident that there has been a prolonged period of downward movement, characterized by a series of red candlesticks from mid-June to the end of the month. This decline caused DOGE to fall from around $0.17 to just below $0.13.

However, the appearance of a green arrow on the chart, indicating the TD Sequential buy signal, suggests a potential reversal. The TD Sequential is a widely used technical analysis indicator that helps identify possible turning points in the market. A buy signal typically indicates a potential upward movement of one to four candlesticks, with each candlestick representing a three-day period in this context.

Since approximately June 7th, DOGE has been on a bearish trend, symbolized by consistent red candlesticks that reflect sustained selling pressure. On June 24th, DOGE found temporary support near the $0.12 level.

The first hurdle for DOGE is breaking above the immediate resistance at $0.13. If this level is successfully breached, it could confirm the validity of the buy signal. If DOGE maintains its upward momentum, the next significant target is $0.15. This level not only poses a psychological barrier but also represents previous support that has now turned into resistance.

If bullish sentiment continues, DOGE may aim for higher levels, potentially targeting $0.17, which is where the initial downtrend began in early June.

On the other hand, the CoinCodex platform, which utilizes AI-powered machine-learning algorithms, predicts continued bearish sentiment for Dogecoin in the short term. Data from the tool retrieved on June 30th suggests that DOGE might trade around $0.1047 by July 30th.

As of the latest update, Dogecoin is currently trading at $0.1224, experiencing a daily loss of 0.6%. On the weekly chart, the token has seen a decline of over 1%.

Disclaimer: This article does not constitute investment advice. Investing in cryptocurrencies carries inherent risks, and investors should be aware that their capital is at risk.

You May Also Like

Crypto expert PlanB makes shocking Bitcoin prediction for June 2024

Crypto expert PlanB makes shocking Bitcoin prediction for June 2024

Sonic Raises 12 Million to Enhance Solanas Gaming Ecosystem

Sonic Raises 12 Million to Enhance Solanas Gaming Ecosystem

Bitcoins Decline Continues as Bearish Sentiment Strengthens

Bitcoins Decline Continues as Bearish Sentiment Strengthens

1,332 thoughts on “Can DOGE claim 015 as Dogecoin shows a buy signal”

Leave a Reply

Your email address will not be published. Required fields are marked *