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TD Signal Flashes Green for Dogecoin – $0.50 Incoming?

DOGE price chart

TL;DR

  • Dogecoin printed a TD Sequential “9” candle close to $0.238, a degree usually linked with promoting exhaustion.
  • The asset holds an ascending trendline and Fibonacci assist close to $0.26, with $0.50 marked because the upside goal.
  • RSI moved out of oversold, hinting at momentum restoration as DOGE trades steadily close to $0.245.

TD Sequential Indicator Points to a Bounce

Dogecoin (DOGE) has steadied after a pointy decline to $0.238 and is now buying and selling round $0.24. On the 4-hour chart, the TD Sequential indicator confirmed a pink “9” candle on the latest low, a studying that merchants usually watch for indicators of promoting exhaustion.

Analyst Ali Martinez famous,

Earlier appearances of this sign on the identical timeframe have been adopted by short-term rebounds, elevating the opportunity of one other transfer increased if the present low holds.

On the 12-hour chart, DOGE stays close to $0.24, sitting on an ascending trendline that has supported the value since June. This zone additionally coincides with the 0.786 Fibonacci retracement degree of $0.26, making a assist cluster.

Martinez added,

“This is a superb zone to purchase Dogecoin $DOGE earlier than a bullish breakout to $0.50!”

He believes the value will consolidate between $0.26 and $0.30 earlier than trying to interrupt resistance close to $0.31. If the resistance is cleared, targets of $0.38, $0.42, and eventually $0.50 might be set.

DOGE price chart
Source: Ali Martinez/X

RSI Recovery from Oversold

Analyst Trader Tardigrade noticed that DOGE has moved out of oversold circumstances on the Relative Strength Index (RSI). The metric dipped into the oversold zone in the course of the latest pullback, then rebounded, signaling a shift in short-term momentum.

In early August, an identical transfer on the RSI was adopted by a restoration rally. With the value now close to $0.245, this setup suggests potential for a climb again towards the $0.30–0.32 vary if shopping for exercise continues.

ETF Listing Brings Institutional Entry

Dogecoin additionally gained consideration with the launch of the 21Shares Dogecoin ETF (TDOG), now listed on the Depository Trust & Clearing Corporation (DTCC). The fund provides publicity to Dogecoin worth motion with out the necessity to maintain tokens straight, echoing the mannequin utilized by Bitcoin ETFs.

At the time of writing, DOGE trades at round $0.24 with a 24-hour quantity of $3.55 billion. The worth is up 1% prior to now day however stays down 9% over the week. As we lately reported, market knowledge exhibits retail futures exercise in a impartial vary, suggesting that institutional flows could also be enjoying a bigger position in present buying and selling.

The put up TD Signal Flashes Green for Dogecoin – $0.50 Incoming? appeared first on CryptoPotato.

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