A trader who called the end of Bitcoin’s (BTC) 2018 bear market says a momentum indicator is showing bullishness for the top meme cryptocurrency asset, Dogecoin (DOGE).
The Dogecoin vs. Bitcoin pair (DOGE/BTC) is sending strong bullish reversal signals on the weekly chart, pseudonymous analyst Bluntz told his 242,300 followers on social media platform
“I was avoiding DOGE because I didn’t think it would do anything near the multiples I thought WIF would. however… That’s a loooooottttt of the weekly strength difference for DOGE/BTC.
I might end up having to buy a bag.”
A bullish divergence is often a sign that the strength of an asset is starting to gain momentum even while the price trend is downward or sideways.
As of this writing, DOGE/BTC is trading at 0.0000023 BTC ($0.14).
Analysts are also closely watching the underlying asset of Filecoin (FIL), a decentralized storage network. According to Bluntz, it is still early days for FIL as altcoins trade within multi-year accumulation ranges.
“Finally we are starting to see the beautiful daylight candles again at FIL.
“Overall, even though it has gone up, there is still a huge accumulation range, and it is definitely still early days on this one.”
As of this writing, FIL is valued at $9.05, up more than 9% over the past seven days.
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