Crypto analyst Ali Martinez says that Dogecoin (DOGE) is preparing for a parabolic advance that could shake the impatient before it manifests.
Martinez tells his 91,000 followers on social media platform X that DOGE just gave a bearish sell signal on the Tom Demark (TD) Sequential Indicator on the weekly chart.
The TD Sequential indicator flashes buy and sell signals based on the closing prices of a given period, and in this case, nine weeks.
However, Martinez notes that the indicator issued the exact same bearish signal in 2017 and 2020 just before massive rallies to new cycle highs and beyond.
“DOGE will test your patience in this parabolic race! Just like in 2017 and 2020, we received a sell signal from TD, anticipating a brief correction before the bull rally continues.
Martinez’s chart suggests that DOGE is in a wide ascending channel that could push memecoin to $14 if it hits the upper limit of the pattern again.
At the time of writing, DOGE is trading at $0.42.
When it comes to Bitcoin, Martinez remains optimistic BTC despite many market participants calling for a correction following its significant multi-week rally near $100,000.
Looking at social media metrics that track mentions of “withdrawal” and “100,000,” Martinez says the price could be moving in the opposite direction of predominant market sentiment.
“Everyone expects a pullback after Bitcoin reclaims $95,000 – just look at how often it’s mentioned. But markets often move against public expectations.
Don’t be surprised if BTC pushes even higher! »
The analyst also confirms his bullish stance by noting the average Bitcoin mining cost, which refers to how much it costs miners to earn one BTC.
“I’ve seen a lot of talk about Bitcoin BTC going below $90,000.
Keep in mind that the average mining cost is $90,524. Historically, during a bull run, BTC has never fallen below its mining cost.
At the time of writing, BTC is trading at $96,523.
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