Dogecoin Chart Flashes Buy Signal, Can DOGE Price Reach $1?

Source Bitcoinist
Apr 22, 2024 22:30

Crypto analyst Ali Martinez has provided a bullish narrative for the foremost meme coin, Dogecoin (DOGE). Based on his recent analysis, there is a likelihood that Dogecoin can hit $1 sooner rather than later. 

Dogecoin’s Chart Flashes Buy Signal

Martinez mentioned in an X (formerly Twitter) post that the TD Sequential has flashed a buy signal on the Dogecoin daily chart. This indicates that the meme coin could experience an “upswing of one to four days,” the analyst claimed. In a subsequent X post, Martinez offered a more bullish outlook for DOGE, suggesting that the upward trend could last longer. 

Dogecoin

He stated that Dogecoin “is showing its classic pattern once again,” as the meme coin is “currently consolidating after breaking out from a descending triangle.” He added that based on past trends, DOGE might just “rocket towards $1 in the coming weeks.” Martinez’s analysis undoubtedly adds to the growing belief that DOGE can attain such heights. 

Dogecoin price

Other crypto analysts, such as Mikybull Crypto, Altcoin Sherpa, and DonAlt, have also predicted that Dogecoin would rise to $1 in this bull run at some point. However, Martinez’s analysis suggests that DOGE’S move to $1 is imminent and could happen even earlier than expected. 

One factor that could play a significant role in Dogecoin’s rise to this price level soon is the institutional interest in the meme coin. This interest will skyrocket once Coinbase launches DOGE’S future for its institutional clients on April 29. Depending on how bullish they are, these institutional investors can inject an impressive amount of liquidity into the Dogecoin ecosystem, which could lead to further price surges. 

The Only Way For DOGE Is Up

Crypto analyst Myles G mentioned in an X post that Dogecoin has bottomed and boldly claimed that this is the lowest the market will ever see the meme coin at again. This means that DOGE will likely continue its upward price action from now on. 

DOGE price

Crypto analyst Kevin (formerly Yomi OG) also recently suggested another rally for the meme coin was on the horizon. He stated that Dogecoin still has “multiple weeks of upward price action away from achieving this bull market milestone.” 

In a recent X post, Kevin remarked that DOGE needs to achieve a monthly close above $0.16 for this bullish momentum to be confirmed. He said a close above that price level “would confirm a perfect retest of the previous bear market accumulation range” and set the “monthly momentum strongly for more upside.”

At the time of writing, Dogecoin is trading at around $0.16, up in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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