header banner
Default

Should this prediction come to pass, Dogecoin (DOGE) could see a 16 percent increase in price


Table of Contents

Dogecoin (DOGE) Eyes 16% Price Rise If This Prediction Comes True

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

This week in the crypto market witnessed a series of remarkable events, beginning with the spread of false rumors about the approval of a spot Bitcoin ETF. These rumors culminated in a minor market rally, with BTC leading the charge, and altcoins displaying catch-up dynamics.

Notably, Dogecoin (DOGE) took center stage as it failed to mirror the impressive price surges witnessed among other cryptocurrencies in the recent past. However, a glimmer of hope emerges from predictions made by market expert Ali Martinez, suggesting that DOGE may be poised for an upward trajectory.

All eyes on DOGE

In a recent analysis, Martinez revealed that Dogecoin appears ready to embark on a new uptrend. His technical analysis, based on the TD Sequential indicator, has shown a promising buy signal on DOGE's weekly chart.

The potential breakthrough point lies at a sustained close above the $0.062 mark, which could trigger an upswing to $0.070.

Analyzing the Dogecoin price chart provided by Martinez, it is evident that the token has found a foothold after a prolonged descent that began in July. Martinez's analysis suggests that DOGE is now poised to rebound toward the 0.5 Fibonacci level.

This level represents a 50% positive correction, a textbook price action scenario after a prolonged decline.

It is important to note that these predictions do not guarantee Dogecoin's performance, and there are no certainties about the extent of any potential upturn. However, if Dogecoin does indeed follow this path, consolidating above the aforementioned levels, it may open the door to a rally as high as $0.077 or even $0.083 per DOGE.

About the author

Gamza Khanzadaev

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

Sources


Article information

Author: Barry Cummings

Last Updated: 1699692362

Views: 1392

Rating: 4.6 / 5 (38 voted)

Reviews: 85% of readers found this page helpful

Author information

Name: Barry Cummings

Birthday: 1933-09-27

Address: 769 Young Villages Apt. 824, Debraberg, WA 36209

Phone: +4131846075430113

Job: Article Writer

Hobby: Stamp Collecting, Playing Chess, Video Editing, Aquarium Keeping, Juggling, Astronomy, Calligraphy

Introduction: My name is Barry Cummings, I am a welcoming, transparent, vibrant, esteemed, brilliant, multicolored, courageous person who loves writing and wants to share my knowledge and understanding with you.