Scott Matherson
Dogecoin (DOGE) could be on the brink of a major bullish reversal based on a technical indicator recently flashing a bullish signal for the meme coin. While highlighting the bullish signal, crypto analyst Ali Martinez also hinted at how high Dogecoin could rise when this reversal occurs.
A Rebound For Dogecoin On The Horizon
Martinez mentioned in an X (formerly Twitter) post that the TD Sequential is presenting a buy signal on Dogecoin’s 3-day chart, thereby “predicting a rebound of one to four candlesticks for DOGE.” Based on the chart he shared, Dogecoin could enjoy a reversal to around $0.17, the area in which it began its downtrend in early June.
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A massive rebound for Dogecoin will undoubtedly be a welcome development for its holders, who have had to deal with the meme coin’s bearish outlook for some time now. Dogecoin failed to make any impressive rally, while other foremost meme coins rallied following Roaring Kitty’s return.
Meanwhile, the meme coin took one of the worst hits following the recent avalanche that plagued the crypto market. Bitcoin led altcoins on a downward trend towards the end of June. However, with the flagship crypto reversing and back above $63,000, Dogecoin could also enjoy an impressive recovery from its current price level.
Moreover, data from the market intelligence platform IntoTheBlock shows a strong positive correlation between Dogecoin’s price and Bitcoin’s. As such, Dogecoin could significantly move to the upside as the flagship crypto rebounds.
Crypto analyst Kevin (formerly OG Yomi) also recently provided a bullish narrative for Dogecoin. He stated that his indicator had flashed a weekly buy signal for the first time since the meme coin was at $0.05. Additionally, Kevin noted that Dogecoin is about two green weekly candles away from confirming its first weekly golden cross in four years. He claimed that this is something to watch, suggesting that Dogecoin’s rally could be parabolic when this happens.
DOGE Could Reach $0.6 On Next Leg Up
Crypto analyst Javon Marks recently predicted that Dogecoin could reach $0.6 on its next leg up. He stated that the move towards the breakout target at $0.6533 “may be a matter of time, and prices could be preparing here for a break above.” The crypto analyst seemed confident as he again reaffirmed that a price rally of over 400% to reach this target might already be loading.
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Marks had previously predicted that Dogecoin would rise to as high as $17 in this bull run. He claimed that such a meteoric move was possible based on the meme coin’s historical trend. He noted that the foremost meme coin has always made a larger run in every subsequent bull run, meaning it could enjoy a rally that will overshadow its price move of 22,800% in the 2021 bull run.
Featured image created with Dall.E, chart from Tradingview.com