Crypto analyst Ali Martinez anticipates possible price rise of widely recognized meme token, Dogecoin DOGE/USDas large-scale crypto investors increase their stakes.
What happened: Last week, Martinez shared his thoughts on X and talked about a promising signal for DOGE from the Tom DeMark Sequential Indicator (TD).
This tool is commonly used by traders to predict potential trend reversals by analyzing the closing prices of the previous 13 bars or candles.
Martinez highlighted that large-scale crypto investors, often referred to as whales, have purchased over 90 million DOGE in the past two days, indicating a potential price rally for the token.
At the time of writing, DOGE was trading at $0.314, showing a slight decline over the past 24 hours.
Read also: The huge movement of 60.9 billion Dogecoin in 24 hours: a bullish sign?
Although Martinez warned of a possible pullback for Bitcoin (BTC) if it drops below $92,730, he also said that a 20-30% correction could be “the most bullish thing that can happen.” arrive at Bitcoin”. Bitcoin was trading at $94,671 at the time of reporting.
Why it matters: Martinez’s prediction of a potential rebound in Dogecoin prices is significant because it comes at a time when the crypto market is experiencing volatility.
The accumulation of DOGE by crypto whales indicates their confidence in the token’s price upside potential. This could potentially entice other investors to increase their stakes in DOGE, which would increase its price even further. The bullish signal from the TD Sequential Indicator also adds to the positive outlook of the meme token.
However, investors should be careful as the cryptocurrency market is known for its unpredictability.
Read next
Dogecoin active users are on the rise, will this impact the price of DOGE?
News and market data powered by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.