A prominent cryptocurrency analyst says a technical signal suggests that top meme token Dogecoin (DOGE) may be ready for a rebound.
Ali Martinez told his 104,600 followers on social media platform
“TD Sequential is Dogecoin viceroy 4-hour chart, price rebound expected!”
Traders use the TD Sequential indicator to predict potential trend reversals in tokens based on the closing prices of the previous 13 bars or candles.
Martinez also points out that Dogecoin whales have purchased over 90 million DOGE in the past two days.
DOGE is trading at $0.314 at the time of writing, down slightly over the last 24 hours.
Looking at Bitcoin (BTC), Martinez warns that traders should worry if the top cryptocurrency asset by market capitalization falls below a certain price level.
“I don’t want BTC to fall below $92,730. If that level breaks, it’s essentially free fall territory.”
Below $92,730, Martinez suggests that the next on-chain support for BTC will hover around $69,000 based on Glassnode’s UTXOs (Unused transaction output) Realized price distribution is an indicator of the amount of Bitcoin last moved within a specific price bucket.
However, Martinez warns of a possible downside for BTC, noting that a 20-30% correction represents “the most optimistic thing that can happen to Bitcoin.”
At the time of this writing, Bitcoin is trading at $94,671.
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