A popular crypto analyst says one technical signal indicates that top meme token Dogecoin (DOGE) could be ready for a leap.
Ali Martinez tells his 104,600 followers on the social media platform
“The TD Sequential presents a buy signal on the Dogecoin DOGE four-hour chart, anticipating a price recovery!”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
Martinez too notes that Dogecoin whales have bought more than 90 million DOGE in the last two days.
DOGE is trading at $0.314 at the time of writing, down fractionally in the last 24 hours.
Looking at Bitcoin (BTC), Martinez warns that traders should be concerned if the highest-ranked crypto asset by market capitalization falls below a certain price level.
“You don’t want BTC to fall below $92,730 – it’s essentially a free-fall zone if it breaks through that level.”
Martinez suggests that below $92,730, the next on-chain support for BTC hovers around $69,000, based on Glassnode’s UTXO (Unspent transaction output) Realized price distribution, a measure that represents the amount of Bitcoin that last moved within a specific price range.
But while Martinez is sounding the alarm about a possible pullback for BTC, he notes that a 20-30% correction represents “The most bullish thing that can happen to Bitcoin.”
Bitcoin is trading at $94,671 at the time of writing.
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Generated image: Midjourney
