The cryptocurrency market has come to the end of another relatively quiet weekend. A new week means new hopes. Veteran crypto analyst Ali Martinez says the original meme coin project Dogecoin (DOGE) is trying to establish an uptrend. According to the analyst, TD Sequential for DOGE has issued a buy signal on the weekly chart.
TDS gave a buy signal for the original meme coin!
‘cryptokoin.com’As you can follow from, DOGE was once taking the market by storm. He was running from record to record with the tweets of his supporter Tesla CEO Elon Musk. However, this hype seems to have faded for now. However, DOGE still continues to defy time. Cryptocurrency trader and analyst Ali Martinez says Dogecoin (DOGE) is likely in the process of forming a new bull trend. According to the analyst, the TD Sequential indicator has issued a buy signal for meme coin on the weekly chart.
The analyst notes that confirmation of this bullish thesis could come when the meme coin price achieves a sustained close above $0.062. If DOGE holds a position above this price point, the analyst predicts that DOGE could rise to $0.070.
DOGE’s technical outlook
Meanwhile, DOGE’s value remained flat throughout the past trading day. At press time, meme coin saw a slight decline of 0.15% on a daily basis. As a result, the price of DOGE became $0.06096. However, DOGE gained 2.32% on its weekly chart. Along with the increase in price, DOGE also recorded an increase in 24-hour trading volume. CoinMarketCap data showed DOGE’s daily trading volume was around $150 million, following an increase of 8.9%.
Crypto analyst Steven Walgenbach evaluates the technical outlook for meme coin price. DOGE attempted to challenge the next key resistance level at $0.06450 during the day. It is important to close a daily candle above this level. In this case, it is likely to try to surpass the next barrier at $0.07195 in the next few days. This bullish thesis will be invalidated if DOGE fails to record a daily candle close above $0.6450 in the next 72 hours. All in all, meme coin is at a risk of retesting the $0.05835 support level in the near term.
However, given the fact that a notable bullish technical flag was recently triggered on DOGE’s daily chart, the bullish thesis may be more likely to emerge. Over the last 48 hours, the daily MACD line has crossed above the daily MACD Signal line. This shows that DOGE’s positive trend will continue in the next 24-48 hours.
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