Dogecoin (DOGE), the popular meme-inspired cryptocurrency, may be on the verge of another significant price surge. Crypto chart analyst Ali Martinez has pointed out that a bullish signal is emerging, which has historically led to 90% to 180% gains for DOGE. This key technical indicator could soon trigger a major price rally, much like the ones seen in previous instances.
Intrigued? Read on to discover what this bullish signal is and why it has analysts buzzing with excitement.
Martinez points to the Moving Average Convergence Divergence (MACD) indicator, a popular tool for measuring momentum in technical analysis. On Dogecoin’s weekly chart, the MACD shows signs of a bullish crossover.
This signal has triggered rallies in the past, with DOGE jumping 90% and 180% in previous crossovers. Now, another MACD crossover seems to be forming, and many in the crypto community are watching closely. If the pattern holds, DOGE may be in for another strong price increase.
While the exact timing of the breakout isn’t certain, investors are keeping a close eye on the charts. Many are waiting for confirmation of the signal to see if another rally is on the way.
On March 28, 2024, Dogecoin hit its yearly high of $0.22 after completing a five-wave pattern that started in October 2023. However, after this rise, DOGE entered a correction phase, forming a descending triangle. Despite this pullback, current technical signals suggest the correction may be coming to an end.
As Dogecoin continues to climb, analysts believe it has completed wave 3 of its upward trend, reaching the 1.618 Fibonacci extension level at $0.13. The next target could be the 2.272 Fibonacci level, around $0.144, indicating a potential new high.
The breakout and retest of the previous resistance, which now acts as support, are adding to the bullish outlook for DOGE. With key indicators aligning, Dogecoin could soon see another strong price rise.
Current Price Update
At the moment, Dogecoin is trading around $0.11, reflecting a slight dip over the last 24 hours. Investors are watching closely for any signs of an upward move.
What do you think? Will Dogecoin’s price surge materialize, or is this just another pump and dump?
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