Dogecoin (DOGE) Primed for Potential Price Surge, Analyst Suggests – $0.18
Crypto analyst Ali Martinez has recently shown a potential buy sign on the daily chart of Dogecoin.
During the previous Bitcoin halving in 2020, DOGE was trading for less than $0.01, a year later, the price more than doubled to $0.65
Dogecoin (DOGE) enthusiasts have reason to anticipate a potential upswing in the cryptocurrency’s price, as noted crypto analyst Ali Martinez identifies a significant development. Martinez refers to the TD Sequential, a broadly utilized technical indicator, which has recently shown a potential buy sign on the daily chart of Dogecoin. Thus, a long bullish candle indicates a certain impending upswing in the price of Dogecoin, which theoretically may stretch from one day to four days.
The TD Sequential has flashed a buy signal on the #Dogecoin daily chart, indicating a potential upswing of one to four days for $DOGE! pic.twitter.com/GOmTCp0wCw
— Ali (@ali_charts) April 20, 2024
It is worth noting that the TD Sequential indicator is popular for pinpointing the places where market trending can be considered exhausted. When a technical indicator, such as the moving average convergence divergence ( MACD ) signal, buys the altcoin, as now with Doge, it implies that the downward movement might be drawing to an end, showing a way for a considerable price increase for a digital currency. Such intervals introduce an eagerness among Dogecoin investors who are looking forward to the price movement after the previous statement.
Analyst Refrains from Concrete Predictions
Ali Martinez withholds any direct forecasts about where Dogecoin will land prices. Nevertheless, TD Sequential’s buy signal suggests that the latest local high of approximately $0.2 will unlikely be the ultimate target of the DOGE journey. Similarly, expert Javon Marks recently depicted DOGE’s correction as a “healthy slide,” especially after the currency’s rapid growth in 2024. The bullish analyst Marks foresees a 315% price surplus, the upper limit of which should equal $0.65.
$DOGE (Dogecoin)’s price, since breaking out of the displayed resisting trend, made a roughly +234% upside move before what a recent possible healthy pullback!
With prices still holding broken out, pullbacks may only assist prices in a >315% uphill run to the $0.6553 target… https://t.co/weh2zpmX5e pic.twitter.com/0AfE8BeiZr
— JAVONMARKS (@JavonTM1) April 18, 2024
Furthermore, the crypto platform of Mikybull and the trading and biohacking site of Trader Tardigrade have also provided insight into DOGE’s future. According to the experts from Mikybull Crypto, the “real bull run” for DOGE is on the horizon, while at the same time, Trader Tardigrade reminiscences the “Cycle of 7 years”, which may imply a price breakthrough toward $40.
Market Catalysts and Prospective Growth Factors
One important consideration that is contributing to optimistic expectations about the price of DOGE is the Bitcoin halving event. In the past, such events often caused the market to surge, and lots of eyes are now focused on the market as the event draws near.
It’s worth mentioning that during the previous Bitcoin halving in 2020, DOGE was also trading for less than $0.01. Nonetheless, a year later, the price more than doubled to $0.65, suggesting that this is a tremendous opportunity for huge earnings during the halving period.
Data from the crypto analytics firm, IntoTheBlock reveal that an amazing percentage of 83% of the DOGE holders are currently in the profit zone, amidst the clear indication of dominance in exchange outflow over inflow, evidenced by the positive HODLing culture. These numbers confirm an upbeat investor mood towards DOG, in spite of a pessimistic situation seen in the conventional cryptocurrency campaigns in general.
At the latest time of writing, Doge is trading at $0.1582, with a 24-hour increase of 2%. More importantly, it has been stable during the week. Over a one-week period, the price of Dogecoin has risen by 16% from its weekly low of $0.139, which shows a positive trend in Dogecoin’s price.
The post Dogecoin (DOGE) Primed for Potential Price Surge, Analyst Suggests – $0.18 appeared first on Crypto Adventure.
Filed under: Bitcoin - @ April 23, 2024 12:00 am