Bullish Alert For Dogecoin: TD Indicator Flashes Buy Signal As $0.10 Target Looms
September 03 2024 - 5:00AM
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The broader cryptocurrency market has endured significant
corrections over the past six months, primarily driven by the two
largest digital currencies: Bitcoin (BTC) and Ethereum (ETH).
Dogecoin (DOGE), the leading meme coin, has not escaped this trend,
experiencing a marked decline in value. Dogecoin Price Faces 55%
Decline Since March High Since reaching a yearly high of $0.22 in
March, DOGE has suffered a substantial drop of 55.9%, currently
trading at approximately $0.0976. This decline is even more
pronounced over longer time frames; according to CoinGecko data,
Dogecoin is now 86% lower than its all-time high of $0.73 recorded
in May 2021. Related Reading: Toncoin (TON) Price Action Signals
30% Crash After Losing A Key Level In the short term, Dogecoin has
been underperforming compared to the overall crypto market, which
has seen a 6.90% drop over the past week. During the same period,
DOGE’s price fell by 8.8%, further illustrating its struggles.
However, there are emerging bullish signs that could pave the way
for a recovery. Crypto analyst Ali Martinez recently pointed
out a bullish divergence forming on Dogecoin’s 4-hour Relative
Strength Index (RSI). In addition, the analyst noted that the
Tom Demark Sequential 9 (TD) indicator is flashing a buy signal,
suggesting that a price rebound may be on the horizon. Can DOGE
Break Through $0.10? As outlined by the analyst, these indicators
suggest that the Dogecoin price could potentially surge above its
current trading levels, with the $0.10 mark being a critical
milestone not seen since August 24. Achieving this level
would signify a successful recovery of the token’s 50-day
exponential moving average (EMA), which coincides with the $0.10
price point. However, if bullish momentum fails to materialize,
there is a risk of a failed attempt to reclaim this key resistance.
Related Reading: Why Is Bitcoin Price Down Today? Key Reasons
Explained Should DOGE successfully surpass the $0.10 threshold,
bulls will then need to focus on the next significant hurdle at
$0.107. This level is crucial for any further attempts to climb
higher and tackle the next EMA. If Dogecoin can navigate this
resistance, it may be poised to retest the 200-day moving average
at $0.11. A successful breakthrough at this level could signal a
continuation of the recovery, potentially pushing DOGE toward the
next resistance level of $0.13 on its DOGE/USDT daily chart.
Conversely, for the past almost four weeks, the Dogecoin price has
found a significant support floor at $0.094, which prevented the
token from crashing towards $0.080 again last week, as it did
during the broader market crash on August 5. What is certain
is that despite these signals, bullish momentum is much needed for
the coin to push higher resistance and consolidate above its
previous support levels to continue on its path to retest the
yearly highs. Featured image from DALL-E, chart from
TradingView.com
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