Is Dogecoin Poised For A Big Leap? ‘Promising’ Indicators To Watch

Christian Encila

1 year ago

3 mins read

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Dogecoin (DOGE) has experienced a modest upturn in both its daily and weekly performance, prompting speculation about its potential for future growth. While the gains have been minimal, a prominent analyst, Ali Martinez, suggests that there might be room for further development.

Martinez’s analysis reveals that Dogecoin, as seen on the weekly chart, is breaking free from a multiyear descending triangle pattern. This pattern is a technical analysis pattern used in financial markets to predict potential price movements. In this pattern, a horizontal line represents a level of support, while a descending trendline signifies a level of resistance.

#Dogecoin shows promising signs, breaking out from a multi-year descending triangle on the $DOGE weekly chart! The confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces #DOGE bullish outlook. pic.twitter.com/ao7VXyxaEa

— Ali (@ali_charts) October 29, 2023

DOGE: Resilience Amid Market Volatility

The price typically bounces between these two lines, creating a triangle shape. Breakouts from this pattern often indicate a significant price movement. In the case of Dogecoin, breaking out from this pattern suggests a potential upward price movement.

Current data from CoinGecko places Dogecoin’s price at $0.069051, reflecting a 1.0% increase in the past 24 hours and a 2.0% rise over the previous seven days. Martinez has specifically noted that the meme coin is displaying a confirmation of a buy signal generated by the TD Sequential indicator within this timeframe.

DOGE seven-day price action. Source: Coingecko

Bullish Dogecoin Indicators

The TD Sequential indicator is a technical analysis tool that helps traders identify potential points of trend exhaustion or trend continuation. A buy signal in this context indicates that the current price movement is expected to continue upward, which aligns with Martinez’s optimism regarding Dogecoin’s future prospects.

In a surprising turn of events, a Dogecoin wallet that had remained dormant for nearly a decade came back to life recently. This wallet was involved in a series of significant transactions worth hundreds of thousands of dollars. The blockchain tracking platform Blockchair first detected this sudden activity.

Blockchair’s data showed that the inactive wallet executed three separate transfers on October 28 and October 29. These transactions involved the movement of DOGE tokens amounting to $372,461 to a different wallet. The sheer scale of this movement has raised eyebrows within the cryptocurrency community.

The reactivation of a long-dormant wallet and the substantial transfers it conducted have stirred speculation within the Dogecoin community. Such significant transactions have the potential to influence market sentiment and, subsequently, price movements. Traders and enthusiasts will be closely monitoring the market to assess the impact of this whale move on Dogecoin’s price.

DOGE market cap currently at $9.796 billion. Chart: TradingView.com

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.