Dogecoin Poised For Breathtaking Rebound After Cleansing Correction Based On Two Key Indicators Expert Analyst Predicts
The price of OG meme coin Dogecoin (DOGE) lagged recently, following a tumultuous August that sent the crypto market into a spiral. Widely followed crypto analyst Ali Martinez delved into DOGEs current state, offering a glimmer of hope for its price in the foreseeable future.
According to Martinez, DOGE is showing robust signs of a potential rebound, indicating that a major upward move could be imminent.
Dogecoin Is Setting Up For A Breakout
In a Sept. 2 X post, Ali Martinez pointed out that canine-themed meme coin Dogecoin is showing signs of a positive divergence between the four-hour charts Relative Strength Index (RSI) a price indicator used to identify overbought or oversold conditions and its price action. The RSI typically jumps back to bullish territory when the price of an asset trends lower, signaling a bump for the assets price could be on the way.
Martinez also observed that Dogecoins TD Sequential indicator is flashing a buy signal. The TD sequential indicator is an oscillating trend-following chart overlay indicator used to determine short-term trend reversals based on changes in intraday highs and lows. In this case, the indicator predicts a possible shift toward an upsurge.
A Surprise DOGE Comeback In September?
Dogecoin is currently changing hands at $0.09745 representing its lowest price since the crypto market drawdown on Aug. 5. While this decline might spook some investors, technical indicators suggest a possible reversal. If these patterns play out as predicted, DOGE could pull off a super bullish move toward new highs in September.
DOGE remains a top 10 cryptocurrency by market capitalization at approximately $15.6 billion.
The OG meme coin could be further affected by the utterances and actions of Tesla/SpaceX billionaire and DOGE champion Elon Musk. Recently, a federal judge permanently dismissed a lawsuit that alleged Musk and his electric car company, Tesla, manipulated DOGEs price, causing a staggering $258 billion in damages. This means the eccentric CEO can continue using his influence to boost the DOGE price, including integrating the meme coin on Xs upcoming payments service.
Text source: ZyCrypto
