According to pseudonymous cryptocurrency analyst Ali, the TD (Tom Demark) sequential indicator presents a key buy signal on the three-day chart of leading meme coin Dogecoin.
According to pseudonymous cryptocurrency analyst Ali, the TD (Tom Demark) sequential indicator presents a key buy signal on the three-day chart of leading meme coin Dogecoin.
The chartist has predicted that the DOGE price could experience a rally in the near future.
The TD Sequential is a powerful tool used by technical analysts to determine when a certain asset is about to reverse its trend. Tom DeMark, founder and CEO of DeMark Analytics, first introduced the tool in 1994 in his book titled “The New Science of Technical Analysis.”
Yuri MolchanThe strategy consists of two main components: the setup (momentum) with nine candles and the countdown (trend exhaustion) with 13 candles. The indicator signals a possible trend reversal when the countdown approaches a certain level. For a countdown to come into play, a certain setup must first be set.
At the time of writing, the price of the leading meme coin has remained stable over the past 24 hours.
As reported by U.TodayDogecoin managed to hit a major milestone earlier this week, surpassing 90 million addresses.
However, the meme coin lacks potential catalysts that can drive its price higher now that the meme coin frenzy that occurred earlier this year has seemingly subsided.
Tomiwabold OlajideLast month, Dogecoin faced fresh criticism from Ripple CEO Brad Garlinghouse. As reported by Guru-Investingthe prominent executive he said that the Bitcoin parody was not good for the industry. However, despite facing constant criticism, the seemingly frivolous meme coin remains in the CoinMarketCap top 10 with a market cap of $17.7 billion.
