Dogecoin (DOGE) Price Analysis: TD Sequential Indicator Signals Potential Buying Opportunity
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- 2024-07-01 13:07:50471browse
Although Dogecoin (DOGE) is experiencing volatility amidst bearish sentiments, technical indicators suggest that the meme coin is signaling a potential buying opportunity.
Crypto technical analyst Ali Martinez has spotted a potential buying opportunity in Dogecoin (DOGE) technicals.
According to Martinez, a TD Sequential buy signal has appeared on the three-day Dogecoin chart. This signal could indicate an upcoming reversal, setting the stage for DOGE to attempt a climb to higher price levels, including the crucial $0.15 mark.
"The TD Sequential presents a buy signal on the #Dogecoin 3-day chart, predicting a rebound of one to four candlesticks for $DOGE!," the analyst noted.
A closer look at the three-day Dogecoin chart shows an extended period of downward movement, marked by a series of red candlesticks from mid-June to the month's end. This decline saw DOGE drop from around $0.17 to just below $0.13.
However, a green arrow on the chart, indicating the TD Sequential buy signal, suggests a potential reversal. The TD Sequential is a well-known technical analysis indicator used to identify possible turning points in the market. A buy signal usually indicates a potential up move of one to four candlesticks, each representing a three-day period in this case.
nobr>DOGE has been on a bearish trend since around June 7th, characterized by consistent red candlesticks indicating sustained selling pressure. Around June 24th, DOGE found temporary support near the $0.12 level.
The first challenge for DOGE is breaking above the immediate resistance at $0.13. A successful breach of this level could confirm the validity of the buy signal. If DOGE maintains upward momentum, the next significant target is $0.15. This level presents a psychological barrier and marks previous support turned resistance.
With continued bullish sentiment, DOGE could aim for higher levels, potentially targeting $0.17, where the initial downtrend began in early June.
Dogecoin AI price prediction
In another development, the CoinCodex platform, which uses AI-powered machine-learning algorithms, projected continued bearish sentiment for Dogecoin in the short term.
According to data fetched on June 30th from the tool, DOGE might trade around $0.1047 by July 30th.
As of the latest update, Dogecoin is trading at $0.1224, down 0.6% on the day. On the weekly chart, the token is down over 1%.
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