Popular crypto analyst claims that a technical sign suggests the top meme coin Dogecoin could be ready for a rebound.
Ali Martinez informs his 104.600 followers via the social media platform X, that the Tom DeMark Sequential Indicator (TD) presented a positive signal for DOGE.
The TD Sequential predicts a rebound in the Dogecoin four-hour chart!
Traders can use the TD Sequential Indicator for predicting potential trend reversals based on their closing price of the 13 bars or candles that preceded the token.
Martinez notes also that Dogecoin Whales have bought over 90,000,000 DOGE during the last two days.
DOGE has a price of $0.314 as I write this, which is a slight decrease from the previous 24 hours.
Martinez says that Bitcoin (BTC) is the most valuable crypto asset in terms of market capital. If it drops below certain levels, traders need to be concerned.
Martinez says that if BTC falls below $92,730 the next support on the chain will be around $69,000. This is based on Glassnode’s UTXO Realized Price Distribution (Unspent Transaction Output), a measure that displays the last amount of Bitcoin to move within a particular price bucket.
Martinez warns of a possible pullback in BTC but he also notes that “the best thing to happen for Bitcoin is a 20%-30% correction.”
Bitcoin currently trades at $94,671 as of the time this article was written.
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Image generated: midjourney
The ICD published the first version of this post, Dogecoin is primed for price rebound as crypto whales accumulate DOGE.
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