Dogecoin might be on the path of a major price increase. Crypto analyst Ali Martinez shared that a bullish signal is forming, which has historically led to gains between 90% and 180% for DOGE. Woof!
Bullish MACD crossover, maybe it’s better than the Golden Cross?
Martinez mentioned that the Moving Average Convergence Divergence, the popular MACD indicator is showing signs of a bullish crossover on Dogecoin’s weekly chart.
In previous times when we got this signal, Dogecoin experienced nice rallies of 90% and 180%.
The crypto community is buzzing with hype as another potential MACD bullish crossover appears to be coming.
If history is any guide, DOGE could be heating up for another epic run. While the exact timing of this breakout is unknown, and also uncertain, investors are monitoring the charts for confirmation.
Dogecoin’s performance
On March 28, Dogecoin reached its yearly peak at $0.22 after completing a five-wave pattern that started in October last year.
Following this rise, DOGE entered a lengthy correction phase, forming a textbook example of a descending triangle.
Now, the current technical setup suggests that this correction may be coming to an end.
What does the Dogecoin chart says?
Now analysts believe that wave 3 of Dogecoin’s uptrend has been completed at the 1.618 Fibonacci extension level around $0.13.
The next target could be the 2.272 Fibonacci extension level near $0.144, which means that a new high may be within reach.
The breakout and retest of the previous resistance level, which is now acting as support, further enhances the positive outlook for DOGE in medium to longer term.
Right now Dogecoin is trading at approximately $0.11, reflecting a slight decline in its price over the past 24 hours.
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