Can DOGE claim 015 as Dogecoin shows a buy signal
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.
