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Home»Analysis»Dogecoin Poised for a Price Recovery as Crypto Whales Accumulate DOGE, According to Analyst
Analysis

Dogecoin Poised for a Price Recovery as Crypto Whales Accumulate DOGE, According to Analyst

2024-12-29No Comments2 Mins Read
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A popular crypto analyst says one technical signal indicates that top meme token Dogecoin (DOGE) could be ready for a leap.

Ali Martinez tells his 104,600 followers on the social media platform

“The TD Sequential presents a buy signal on the Dogecoin DOGE four-hour chart, anticipating a price recovery!”

Image
Source: Ali Martinez/X

Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.

Martinez too notes that Dogecoin whales have bought more than 90 million DOGE in the last two days.

Image
Source: Ali Martinez/X

DOGE is trading at $0.314 at the time of writing, down fractionally in the last 24 hours.

Looking at Bitcoin (BTC), Martinez warns that traders should be concerned if the highest-ranked crypto asset by market capitalization falls below a certain price level.

“You don’t want BTC to fall below $92,730 – it’s essentially a free-fall zone if it breaks through that level.”

Image
Source: Ali Martinez/X

Martinez suggests that below $92,730, the next on-chain support for BTC hovers around $69,000, based on Glassnode’s UTXO (Unspent transaction output) Realized price distribution, a measure that represents the amount of Bitcoin that last moved within a specific price range.

But while Martinez is sounding the alarm about a possible pullback for BTC, he notes that a 20-30% correction represents “The most bullish thing that can happen to Bitcoin.”

Image
Source: Ali Martinez/X

Bitcoin is trading at $94,671 at the time of writing.

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See also  Crypto Analyst Predicts Extended Rallies for XRP, Chainlink (LINK), and Polygon (MATIC) – Here's His Outlook
Accumulate Analyst Crypto DOGE Dogecoin poised Price Recovery Whales
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