Dogecoin (DOGE) may be on the verge of a major bullish reversal based on a technical indicator that recently flashed a bullish signal for the meme coin. By highlighting the bullish signal, crypto analyst Ali Martinez also suggested how high Dogecoin could go once this reversal occurs.
A Dogecoin Recovery on the Horizon
Martinez mentioned in a publish that TD Sequential is presenting a buy signal on Dogecoin’s 3-day chart, “thus predicting a one to four candlestick rally for DOGE.” Based on the chart he shared, Dogecoin could enjoy a reversal to around $0.17, the area where it began its downtrend in early June.
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A massive Dogecoin rally will undoubtedly be a welcome development for its holders, who have been dealing with the bearish outlook of the meme coin for some time now. Dogecoin has failed to make any impressive recovery, while other major meme coins have rallied after The Return of Roaring Kitty.
Meanwhile, the meme coin has suffered one of the worst blows following the recent avalanche that has swept through the crypto market. Bitcoin led altcoins on a downward trend in late June. However, with the top crypto reversing and moving back above $63,000, Dogecoin could also enjoy an impressive recovery from its current price level.
Furthermore, data from the market intelligence platform IntoTheBlock shows a strong positive correlation between the price of Dogecoin and that of Bitcoin. As such, Dogecoin could move significantly higher as the leading cryptocurrency recovers.
Crypto Analyst Kevin (formerly OG Yomi) also recently provided a bullish narrative for Dogecoin. He stated that his indicator issued a weekly buy signal for the first time since the meme coin was at $0.05. Additionally, Kevin noted that Dogecoin is about two weekly green candles away from confirming its first weekly golden cross in four years. He stated that this is something to watch, suggesting that Dogecoin’s rally could go parabolic when that happens.
DOGE could hit $0.6 in the next leg
Crypto Analyst Javon Marks recently predicted that Dogecoin could hit $0.6 in its next bullish leg. He stated that the move toward the $0.6533 breakout target “may be a matter of time, and prices may be setting up here for a breakout above.” The crypto analyst seemed confident in reiterating again that a price hike of more than 400% to reach this target could already be happening.
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Brands had previously predicted that Dogecoin would rise to $17 in this bull run. He stated that such a meteoric move was possible based on the meme coin’s historical trend. He noted that the leading meme coin has always had a higher run in all subsequent bull runmeaning it could enjoy a rally that will dwarf its 22,800% price move in the 2021 bull run.
Featured image created with Dall.E, chart from Tradingview.com