Howling At The Moon: 23,000% Dogecoin Signal Reawakens

Tony "The Bull" Severino

1 year ago

3 mins read

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Dogecoin holders are howling for the popular meme cryptocurrency to reach “the moon” and they just might get it. That’s because a parabolic technical signal is back that last appeared prior to a stunning 23,000% rally.

Keep reading to learn more about the signal and what this could mean for DOGE.

Dogecoin Tags Parabolic SAR: Another 23,000% Surge Ahead?

During the last crypto bull market, Dogecoin was on of the standout stars, outperforming Bitcoin, Ethereum, and most other altcoins. Driven by meme mania, stimulation checks, and Elon Musk tweets, DOGE made a lot of people a lot of money.

Prior to the bull run in 2020, the Doge-inspired meme coin spent over three years in a downtrend. Right before the breakout that sent Dogecoin soaring DOGEUSD price action had tapped the 1M Parabolic SAR.

Not even one year after the monthly Parabolic SAR was tagged on the USD trading pair, Dogecoin put in over a 23,000% rally before reaching a peak in 2021.

The Parabolic SAR has been triggered | DOGEUSD on TradingView.com

Can The Parabolic SAR Revive Meme Coin Season Once Again?

The Parabolic SAR is a technical indicator designed by J. Welles Wilder, Jr. responsible for creating other popular tools like the Relative Strength Index, Average Directional Index, and Average True Range.

The acronym SAR stands for Stop and Reverse, and the tool’s intention is to tell an analyst when a trend has potentially stopped and reversed.

In 2020, the signal in Dogecoin indeed was the final point before the downtrend stopped and reversed up to new highs. Now that the signal has been triggered again, what type of move might we be able to expect from the meme coin?

As stated, the last time it was tagged DOGEUSD rallied more than 23,000%. The Parabolic SAR was also hit on the 1M timeframe in April 2017 just before another 6,200% rally. An average of the two major rallies suggests a possible 14,600% surge.

However, Elliott Wave Principle points to the first wave of any cycle being similar in magnitude as the final wave – hinting at another 6,200% ROI if an uptrend does materialize from here.

This dog is ready to bite #Dogecoin tags 1M Parabolic SAR

Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea

— Tony "The Bull" (@tonythebullBTC) November 16, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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