This week in the crypto market witnessed a series of remarkable events, beginning with the spread of false rumors about the approval of a spot Bitcoin ETF. These rumors culminated in a minor market rally, with BTC leading the charge, and altcoins displaying catch-up dynamics.
Notably, Dogecoin (DOGE) took center stage as it failed to mirror the impressive price surges witnessed among other cryptocurrencies in the recent past. However, a glimmer of hope emerges from predictions made by market expert Ali Martinez, suggesting that DOGE may be poised for an upward trajectory.
All eyes on DOGE
In a recent analysis, Martinez revealed that Dogecoin appears ready to embark on a new uptrend. His technical analysis, based on the TD Sequential indicator, has shown a promising buy signal on DOGE’s weekly chart.
The potential breakthrough point lies at a sustained close above the $0.062 mark, which could trigger an upswing to $0.070.
#Dogecoin appears ready to start a new uptrend!
The TD Sequential presented a buy signal on $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070. pic.twitter.com/XAGjXHMiOe
— Ali (@ali_charts) October 21, 2023
Analyzing the Dogecoin price chart provided by Martinez, it is evident that the token has found a foothold after a prolonged descent that began in July. Martinez’s analysis suggests that DOGE is now poised to rebound toward the 0.5 Fibonacci level.
This level represents a 50% positive correction, a textbook price action scenario after a prolonged decline.
It is important to note that these predictions do not guarantee Dogecoin’s performance, and there are no certainties about the extent of any potential upturn. However, if Dogecoin does indeed follow this path, consolidating above the aforementioned levels, it may open the door to a rally as high as $0.077 or even $0.083 per DOGE.
