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DOGE is up by 6% daily, but can it rocket further?
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Summarize with AI
Summarize with AI
The largest and oldest meme coin joined the rest of the crypto market in the past few weeks and experienced a massive nosedive that drove it south hard. It plunged from over $0.185 on November 11 to $0.135 in the span of just ten days.
However, it has started to recover and currently sits at $0.145. Data shared by Ali Martinez outlined an even more impressive possibility for Dogecoin’s future price movements.
The popular analyst noted that the TD Sequential, a metric used to determine the underlying asset’s exhaustion in either direction, had just flashed a buy signal. He added that the last time this happened, DOGE’s price skyrocketed by more than 100% in a relatively short period. If that’s to happen now, DOGE would surge toward $0.30, a level not seen in over two months.
To do so, though, Dogecoin would have to break through numerous resistance lines. Another renowned analyst going by the X handle CW noted that the first such level is the sell wall at $0.163. If reclaimed, the asset would face the next significant obstacles at $0.185 and $0.195.
In contrast, DOGE might find itself experiencing another nosedive, this time even more profound if it loses the $0.14 support. Martinez outlined the next target if that level cracks, which is situated at $0.07. Recall that Dogecoin has not traded that low in over a year and a half.
On a more positive note, though, the OG meme coin will soon have a spot exchange-traded fund tracking its performance. As Bloomberg’s ETF expert Eric Balchunas explained on Friday, Grayscale’s Trust will be converted to a spot ETF as of Monday after it was approved for listing on the New York Stock Exchange.
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Source: https://cryptopotato.com/doges-price-doubled-last-time-this-happened-is-another-explosion-coming/
