Dogecoin Primed for a Price Rebound As Crypto Whales Accumulate DOGE, According to Analyst

A preferred crypto analyst says one technical sign means that high meme token Dogecoin (DOGE) could possibly be primed for a bounce.

Ali Martinez tells his 104,600 followers on the social media platform X that the Tom DeMark (TD) Sequential Indicator offered a bullish sign for DOGE.

“The TD Sequential presents a purchase sign on the Dogecoin DOGE four-hour chart, anticipating a worth rebound!”

Merchants use the TD Sequential Indicator to foretell potential development reversals for tokens primarily based on the closing costs of their 13 earlier bars or candles.

Martinez additionally notes that Dogecoin whales purchased greater than 90 million DOGE previously two days.

DOGE is buying and selling at $0.314 at time of writing, a fractional lower previously 24 hours.

Taking a look at Bitcoin (BTC), Martinez warns that merchants ought to be nervous if the top-ranked crypto asset by market cap drops beneath a sure worth stage.

“You don’t need BTC to dip beneath $92,730 –  it’s basically free-fall territory if that stage breaks.”

Martinez means that beneath $92,730, the following on-chain help for BTC hovers at round $69,000 primarily based on Glassnode’s UTXO (Unspent Transaction Output) Realized Worth Distribution, a metric that reveals the quantity of Bitcoin that final moved inside a selected worth bucket.

However whereas Martinez is sounding the alarm a few potential pullback for BTC, he notes {that a} 20-30% correction represents “probably the most bullish factor that might occur to Bitcoin.”

Bitcoin is buying and selling at $94,671 at time of writing.

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