Dogecoin (DOGE) Flashes Major Buy Singal: Analyst

Alex
Dovbnya

This
indicator
shows
that
a
Dogecoin
price
spike
might
be
on
the
cards

According
to
pseudonymous
cryptocurrency
analyst
Ali,
the
TD
(Tom
Demark)
Sequential
indicator presents
a
key
buy
signal
on
the
three-day
chart
of
Dogecoin,
the
leading
meme
coin. 

The
chartist
has
predicted
that
the
price
of
DOGE
could
experience
a
rebound
in
the
near
future. 

The
TD
Sequential
is
a
powerful
tool
used
by
technical
analysts
in
order
to
determine
when
a
certain
asset
is
on
the
cusp
of
reversing
its
trend.
Tom
DeMark,
founder
and
CEO
of
DeMark
Analytics,
initially
introduced
the
tool
back
in
1994
in
his
book
called
“The
New
Science
of
Technical
Analysis.”

The
strategy
consists
of
two
main
components:
the
setup
(momentum)
with
nine
candles
and
the
countdown
(trend
exhaustion)
with
13
candles.
The
indicator
signals
a
potential
trend
reversal
when
the
countdown
approaches
a
certain
level.
For
a
countdown
to
come
into
play,
a
certain
setup
has
to
be
established
first. 

At
press
time,
the
price
of
the
leading
meme
coin
has
remained
flat
over
the
past
24
hours.

As reported
by
U.Today,
Dogecoin
managed
to
hit
a
major
milestone
earlier
this
week,
surpassing
90
million
addresses. 

However,
the
meme
coin
lacks
potential
catalysts
that
could
propel
its
price
higher
now
that
the
meme
coin
frenzy
that
occurred
earlier
this
year
has
seemingly
died
down. 

Last
month,
Dogecoin
faced
renewed
criticism
from
Ripple
CEO
Brad
Garlinghouse.
As
reported
by
U.Today,
the
prominent
executive opined
that
the
Bitcoin
parody
was
not
good
for
the
industry.
However,
despite
facing
routine
criticism,
the
seemingly
frivolous
meme
coin
remains
in
the
CoinMarketCap
top
10
with
a
market
cap
of
$17.7
billion. 

About
the
author

Alex
Dovbnya