Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy?

2024-9-4 04:30

Crypto analyst Ali Martinez has highlighted a major indicator for Dogecoin (DOGE), which is flashing a bullish signal. This suggests that now may be the right time to buy the foremost meme coin, with a price rebound looking imminent. 

TD Indicator Flashes Buy Signal For Dogecoin

Martinez revealed in an  X (formerly Twitter) post that the TD indicator is flashing a buy signal for Dogecoin. He added that the foremost meme coin is also showing a bullish divergence against the relative strength index (RSI) on the 4-hour chart. The crypto analyst noted how these positive signs suggest that a potential price rebound for Dogecoin is on the horizon. 

Dogecoin’s price action has remained tepid so far, as the meme coin continues to range at the crucial price level of $0.10. However, these technical indicators show that Dogecoin could soon achieve a successful breakout above $0.10 and rise to new highs. Dogecoin’s price recovery will also largely depend on Bitcoin’s price action. 

Data from the market intelligence platform IntoTheBlock shows that Dogecoin’s correlation with Bitcoin is at 0.91, indicating a strong positive price correlation between the prices of both crypto assets. As such, Bitcoin, being the flagship crypto, will need to make a bullish move soon enough so that Dogecoin can also enjoy a bullish reversal. 

This reversal should happen soon enough, with crypto analysts like Mikybull Crypto predicting that Bitcoin will enjoy a huge rally in the coming weeks. The analyst predicted that the flagship crypto could reach a new all-time high (ATH) on its next leg up. This will undoubtedly pave the way for Dogecoin to surpass its year-high of $0.22, which it reached when Bitcoin hit its current ATH of $73,000 earlier in March of this year. 

DOGE Could Reach $0.30 “Within Few Days”

Crypto analyst World of Charts has predicted that Dogecoin could surpass its year-high of $0.22 and reach $0.30 within a few days. He made this prediction while noting that the meme coin is consolidating within a falling wedge. He claimed that a breakout will send Dogecoin to this price level if the falling wedge plays out. 

Crypto analyst Trader Tardigrade also recently made a bullish case for Dogecoin. He noted that the meme coin had formed the second low after the last touch to the support. He revealed that in previous cycles, Dogecoin pumped “drastically” right after the second low. This also suggests that a mega rally is on the horizon for Dogecoin. Based on the chart he shared, Dogecoin could rise to as high as $4 when it witnesses this parabolic move. 

At the time of writing, Dogecoin is trading at around $0.099, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

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