Popular crypto analyst claims technical signal suggests top meme token Dogecoin (DOGE) might be ready to bounce back.
Ali Martinez tell his 104,600 followers on social media platform X that the Tom DeMark Sequential Indicator (TD) presented a bullish signal for DOGE.
“The TD Sequential presents a buy signal on the Dogecoin DOGE four-hour chart, anticipating a price rebound!
Traders use the TD Sequential Indicator to predict potential trend reversals of tokens based on the closing prices of their previous 13 bars or candles.
Martinez too Remarks that Dogecoin whales have purchased over 90 million DOGE in the last two days.
DOGE is trading at $0.314 at the time of writing, down slightly over the past 24 hours.
Looking at Bitcoin (BTC), Martinez warns that traders should be concerned if the top-ranked crypto asset by market capitalization falls below a certain price level.
“You don’t want BTC to go below $92,730 – it’s essentially freefall territory if that level rises above.”
Martinez suggests that below $92,730, the next on-chain support for BTC hovers around $69,000 based on Glassnode’s UTXO (Unspent transaction output) Realized price distribution, a metric that shows how much Bitcoin last moved within a specific price bracket.
But while Martinez sounds the alarm about a potential BTC pullback, he notes that a 20-30% correction represents “the most optimistic thing that could happen to Bitcoin.”
Bitcoin is trading at $94,671 at the time of writing.
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