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In a recent analysis, prominent crypto analyst Ali Martinez suggested a potential bullish trend for Dogecoin (DOGE), supported by the TD Sequential indicator. According to Martinez, the indicator has flashed a buy signal on the DOGE three-day chart, signaling potential upward movement.
The TD Sequential, a tool designed by Tom Demark, identifies the precise time of trend exhaustion and price reversal. In this case, a significant signal occurs when the indicator plots the number "9" on top of a candle, indicating nine consecutive candles closing higher than those four periods earlier. Martinez's analysis, illustrated in a DOGE price chart, highlights this crucial point, suggesting positive momentum for the meme-inspired cryptocurrency.
The TD Sequential recently presented a buy signal on the #Dogecoin 3-day chart. As long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher! pic.twitter.com/J9fm65nHkf
— Ali (@ali_charts) January 14, 2024
However, the importance of not relying solely on the TD Sequential and combining it with other analyses, such as candlestick patterns, price trends or established indicators, should be highlighted.
Dogecoin price outlook
The last time DOGE traded above $0.1 was at the end of the first 10 days of December. The cryptocurrency experienced a notable rise starting in mid-October, surging from $0.057 to temporarily erase the zero in its price figure. However, a subsequent correction brought Dogecoin down to $0.081.
The lingering question now is whether Martinez's prediction, based on the TD Sequential indicator, will materialize. The market awaits to see if DOGE can maintain its support at the $0.074 cluster, as Martinez suggests, and potentially rebound to $0.1 or higher.