Technical Indicator Shows Dogecoin Ready to Start New Uptrend, Analyst Predicts 13% Rally to $0.07

According to analyst Ali Martinez, Dogecoin is ready to start a new uptrend and could see a 13% rally to $0.07.

Dogecoin (DOGE) has recently seen increased interest from crypto market participants. According to CoinMarketCap data, DOGE is up nearly 6% in the last 24 hours and 7% in the past week.

In parallel, its 24-hour volume has surged 142.09% compared to the volume the previous day. Specifically, crypto traders bought and sold nearly half a billion dollars worth of Dogecoin, with trade volume totaling exactly $413,589,293.

Dogecoin Ready to Start New Uptrend

With DOGE’s price at $0.06414, well-known crypto analyst Ali Martinez believes the meme coin could be racing to $0.07. In a recent tweet, Martinez argued Dogecoin’s bearish days are potentially over.

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According to the chartist, “Dogecoin appears ready to start a new uptrend.”

#Dogecoin appears ready to start a new uptrend!

The TD Sequential presented a buy signal on $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070. pic.twitter.com/XAGjXHMiOe

— Ali (@ali_charts) October 21, 2023

Notably, the prominent analyst based his bullish DOGE outlook on suggestions from technical analysis of Dogecoin’s weekly timeframes. In particular, he cited the TD Sequential, an indicator for identifying potential turning points in the market. 

Experts use TD Sequential to recognize signs of an exhausting trend where an asset price reverses from bearish or bullish performance.

In this case, Martinez believes Dogecoin’s bears are already losing ground. According to him, based on the weekly chart, Dogecoin’s TD Sequential has presented a buy signal.

As a result, the chartist argues that DOGE sustaining a price above $0.062 would culminate in a significant 13% rally to $0.07.

When he made the forecast, DOGE traded at slightly under $0.0612. Given that the meme coin already broke above $0.062 to hit $0.06414, Dogecoin could be conquering a two-month high as the analyst projected.

It is worth mentioning that DOGE’s current price represents over 91% crash from its 2021 all-time high.

Dogecoin Falling Appeal 

Meanwhile, market tracker IntoTheBlock disclosed that there has been a notable decline in the average daily transactions on the Dogecoin network.

Precisely, Dogecoin’s seven-day average transaction now hovers around 37,300, down from a 2.1 million daily average recorded in June.

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• Source: https://thecryptobasic.com/2023/10/23/technical-indicator-shows-dogecoin-ready-to-start-new-uptrend-analyst-predicts-13-rally-to-0-07/?utm_source=rss&utm_medium=rss&utm_campaign=technical-indicator-shows-dogecoin-ready-to-start-new-uptrend-analyst-predicts-13-rally-to-0-07