A popular crypto analyst says a technical signal suggests leading meme token Dogecoin (DOGE) could be ready for a rebound.
Ali Martinez tells his 104,600 followers on social media platform X that the Tom DeMark Sequential Indicator (TD) presented a bullish signal for DOGE.
“The TD Sequential presents a buy signal on the Dogecoin DOGE four-hour chart, anticipating a price rebound!
Traders use the TD Sequential Indicator to predict potential trend reversals of tokens based on the closing prices of their previous 13 bars or candles.
Martinez also notes that Dogecoin whales have purchased over 90 million DOGE in the last two days.
DOGE is trading at $0.314 at the time of writing, down slightly over the past 24 hours.
When it comes to Bitcoin (BTC), Martinez warns that traders should be concerned if the top-ranked crypto asset by market cap falls below a certain price level.
“You don’t want BTC to drop below $92,730 – it’s essentially freefall territory if that level rises above.”
Martinez suggests that below $92,730, the next on-chain support for BTC hovers around $69,000 based on Glassnode’s UTXO (Unspent transaction output) Realized price distribution, a metric that shows how much Bitcoin last moved within a specific price range.
But while Martinez sounds the alarm about a possible BTC pullback, he notes that a 20-30% correction represents “the most bullish thing that can happen to Bitcoin.”
Bitcoin is trading at $94,671 at the time of writing.
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