A Potential Bounce for Dogecoin (DOGE) According to Technical Analysis
A well-known crypto analyst, Ali Martinez, has recently shared some insights that suggest Dogecoin (DOGE) could be gearing up for a rebound. Martinez, who has a strong following on the social media platform X, pointed out a bullish signal for DOGE based on the Tom DeMark (TD) Sequential Indicator.
The TD Sequential Indicator is a tool used by traders to forecast potential trend reversals by analyzing the closing prices of the previous 13 bars or candles. According to Martinez, the indicator has flashed a buy signal on the four-hour chart for Dogecoin, indicating a possible price upswing in the near future.
Additionally, Martinez highlighted that Dogecoin whales have been accumulating the meme token, purchasing over 90 million DOGE in the last two days. This influx of buying activity from large holders could further support the potential price increase for DOGE.
As of the latest update, Dogecoin is trading at $0.314, showing a slight decrease over the past 24 hours. Despite this minor dip, the technical indicators and whale activity suggest a potential bounce for DOGE in the near term.
Bitcoin Warning and Potential Support Levels
While discussing Bitcoin (BTC), Martinez cautioned traders to monitor a crucial price level. He mentioned that if Bitcoin drops below $92,730, it could enter a free-fall scenario, signaling a bearish trend for the leading cryptocurrency.
According to Martinez, the next significant on-chain support level for Bitcoin is around $69,000, as indicated by Glassnode’s UTXO Realized Price Distribution metric. While the analyst is cautious about a potential pullback in BTC, he also mentioned that a 20-30% correction could be the most bullish scenario for Bitcoin in the long run.
At the time of writing, Bitcoin is trading at $94,671. Martinez’s insights provide valuable guidance for traders navigating the volatile crypto market, emphasizing the importance of key support levels and technical indicators in decision-making.
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