Cryptocurrency analyst Ali Martinez recently shared insights on the potential future of Dogecoin (DOGE), suggesting that the meme-inspired digital asset may be on the brink of a significant upward movement that could shake out those who are impatient.
Martinez, who has a following of 91,000 individuals on the social media platform X, pointed out that DOGE has recently indicated a bearish sell signal on the Tom Demark (TD) Sequential indicator when looking at the weekly chart. This indicator provides buy and sell signals based on the closing prices over a specific time frame, typically nine weeks in this case.
Despite the bearish signal, Martinez highlighted that similar occurrences took place in both 2017 and 2020, preceding substantial rallies to new cycle highs and beyond for DOGE. He emphasized the importance of patience during this potential parabolic run, drawing parallels to previous instances where the coin faced corrections before continuing its bullish trajectory.
Martinez’s analysis includes a chart indicating that DOGE is currently within a large ascending channel that could propel the coin to $14 if it reaches the upper boundary of the pattern once more. As of the time of writing, DOGE is trading at $0.42.
Shifting focus to Bitcoin, Martinez expressed optimism about the leading cryptocurrency’s future despite widespread calls for a correction following its significant multi-week rally towards $100,000. By examining social media metrics related to mentions of terms like “pullback” and “100K,” Martinez suggested that market sentiment could potentially move in the opposite direction of prevailing expectations.
Martinez reinforced his bullish stance on Bitcoin by referencing the average mining cost of the cryptocurrency, indicating that historically, during bull runs, Bitcoin has not fallen below its mining cost. As of the time of writing, BTC is trading at $96,523.
In conclusion, Martinez’s insights shed light on the potential future trajectories of both Dogecoin and Bitcoin, urging investors to remain patient and cautious amidst market fluctuations. Stay updated on the latest developments by subscribing to email alerts and following relevant social media channels like X, Facebook, and Telegram.
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Image Credit: Midjourney.