A key indicator suggests that Dogecoin might see a price surge soon. Good boy!
What does the chart say?
Cryptocurrency analyst, using the pseudonymous name Ali, pointed out that the TD Sequential indicator shows a strong buy signal on Dogecoin’s three-day chart.
This indicator, known for predicting trend reversals, suggests that DOGE could experience a rally soon.
Tom DeMark, who founded DeMark Analytics, introduced this tool in 1994 in his book The New Science of Technical Analysis.
The TD Sequential indicator consists of two main parts: the setup, which uses nine candles, and the countdown, which uses 13 candles.
When the countdown nears a specific level, it signals a potential trend reversal. And now it’s time.
For the countdown to be relevant, a particular setup must be in place first. As of now, Dogecoin’s price has stayed relatively flat over the past days.
The community looks less interested
Earlier this week, Dogecoin reached a big milestone by surpassing 90 million active addresses, but despite this achievement, the memecoin lacks strong catalysts to drive its price higher.
Users think the memecoin craze from earlier this year has settled down now, the hype is much smaller and more quiet.
Dogecoin recently faced criticism from Ripple CEO Brad Garlinghouse, who argued that the memecoin (or any memecoin) doesn’t benefit the crypto industry.
Despite the naysayers, Dogecoin remains in the top10 with a market cap of $17.7 billion.
Human’s best friend
It’s important to note that memecoins, including Dogecoin, growing on social interaction and community engagement, the hype in the social media.
While many see memecoins as pointless and frivolous, or even stupid, their role in enhancing user experience and supporting community shouldn’t be underestimated.
The active participation of these communities often plays an important role in the overall dynamics of the crypto markets.
