Dogecoin (DOGE) is predicted to be bullish, this is the signal for an increase!

Bittime - Dogecoin (DOGE) is currently showing signs of a promising bullish trend, based on the latest technical and on-chain analysis. 

Two important indicators—TD Sequential and whale activity—suggest a potential upward movement for this popular cryptocurrency.

Potential DOGE Price Reversal

The main signal for Dogecoin's potential upside has been identified on the 4-hour price chart using the Tom Demark (TD) Sequential indicator. This tool is often used to detect possible price reversals in financial markets.

TD Sequential consists of two phases: setup And countdown. In phase setup, the price chart counts up to nine candles of the same color (green for an uptrend or red for a downtrend). 

Once the ninth candle completes, this phase ends and a reversal signal is issued—green for a potential top or red for a possible bottom.

Dogecoin has just completed a phase setup with nine green candles in a row, which indicates a potential shift towards further gains. 

Analysts believe that this signal could pave the way for a bullish breakout, provided the trend continues.

Also read: What is Dogecoin Trailmap? The DOGE Community Definitely Knows!

DOGE Whale Accumulation Shows Optimism

Adding to optimism, data from Santiment shows a large accumulation of Dogecoin by whales. Whales—major investors who own between 10 million and 100 million DOGE—have added about 90 million tokens (worth about $28.7 million) to their holdings in the last two days.

This increase in whale activity shows strong confidence among large investors in the current price level of Dogecoin. 

This kind of accumulation usually precedes bullish moves, as large market participants often have deeper insight into market trends.

Current Market Performance

Currently, Dogecoin is trading around $0.319, recording an increase of more than 10% in the past week. This uptrend is in line with positive indicators highlighted by technical and on-chain analysis.

What's Next for DOGE?

The combination of bullish technical signals and increased whale interest suggests the potential for strong performance for Dogecoin in the near term. 

However, like all cryptocurrencies, market conditions remain unpredictable. Traders and investors are advised to monitor key support and resistance levels as well as overall market trends.

Whether Dogecoin will maintain this bullish momentum remains to be seen, but current indicators paint an optimistic picture for this meme-based cryptocurrency.

FAQ Dogecoin

What is Dogecoin?

Dogecoin is a blockchain-based cryptocurrency that was originally created as a joke, but is now used for microtransactions such as tipping and digital donations.

Can Dogecoin reach $1?

There is potential for Dogecoin to reach $1 if supported by widespread adoption, positive sentiment, and the influence of communities and public figures like Elon Musk.

How to get Dogecoin?

Dogecoin can be purchased on cryptocurrency exchanges, mined with Litecoin, or received as payment.

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Reference

Kesha Verma, Dogecoin Is Observing Bullish Signals On These Indicators, accessed December 30, 2024

Coinmarketcap, Dogecoin price, accessed December 30, 2024

Author: SD