Cryptocurrency enthusiasts are poised for potential gains as Dogecoin (DOGE), the popular meme-inspired token, flashes signs of an imminent price surge.
Prominent crypto analyst Ali Martinez has pointed to a critical development in Dogecoin’s trading patterns that investors should watch closely.
Dogecoin’s (DOGE) Next Big Price Jump
Martinez highlights that the Tom DeMark (TD) Sequential, a respected technical indicator among traders, has issued a buy signal on Dogecoin’s daily chart. This indicator, known for predicting trend reversals, suggests that DOGE’s current downtrend may be tapering off, setting the stage for a significant uptick in the days ahead.
This could indicate a rally that lasts anywhere from one to four days, according to Martinez.
Dogecoin Price Performance. Source: TradingView
Currently, Dogecoin is trading at $0.159 per token, maintaining a stable trajectory over the past week. The week began with an increase of 1.14%, but a look into the weekly chart shows a more robust trend.
Indeed, Martinez notes that Dogecoin is mimicking the patterns seen in previous bull cycles. He indicates that a new parabolic bull run could be on the horizon.
“Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle. Based on past trends, we might just see DOGE rocket towards $1 in the coming weeks,” Martinez said.
Read more: Dogecoin (DOGE) Price Prediction 2024 / 2025 / 2030
Dogecoin Price Performance. Source: TradingView
Investors and traders might find this an opportune moment to observe Dogecoin’s market behavior closely. Especially, if they are looking to capitalize on potential short and long-term gains.
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