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Leading cryptocurrency analyst Ali Martinezsuggested on Thursday the potential exhaustion of Dogecoin’s(CRYPTO: DOGE) recent downtrend, followed by a rebound.
DOGE to Bounce Back?
Martinez highlighted a TD Sequential “Buy” signal on DOGE’s 4-hour chart, indicating the memecoin’s correction “may be coming to an end.”
The TD Sequential indicator is a technical analysis tool that helps traders identify potential <a href="https://xpertsstudio.com/will-xrp-price-recover-key-levels-and-catalysts-to-watch-news/” title=”Will XRP Price Recover? Key Levels and Catalysts to Watch | News”>price reversals and exhaustion patterns.
Martinez said the signal has shown a “strong” recent track record as the last three buy signals were followed by rebounds of 6.96%, 2.71% and 11.25%.
“If history rhymes, Dogecoin could be setting up for another move higher,” the analyst predicted.
What Do Other Technical Indicators Say
The Moving Average Convergence Divergence indicator, which compares the 12-period and the 26-period exponential moving averages, flashed a “Sell” signal for DOGE
On the other hand, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Buy” signal. The Relative Strength Index hovered in the “Neutral” territory.
Dogecoin ETF Closed
Dogecoin began the week on a stable footing but later tumbled amid broader cryptocurrency weakness, further pressured by geopolitical tensions and rising odds of inflation and interest rate hikes.
Troubles within its own ecosystem have added to the pressure. Bitwiseannounced that it will liquidate and close its Bitwise Dogecoin ETF(NYSE:BWOW), less than one year after launch.
Price Action: At the time of writing, DOGE was trading at $0.08390, down 2.01% in the last 24 hours, according to data from Benzinga Pro. The memecoin is down 3.50% in a week.
Photo Courtesy: Akif CUBUK on .com
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