A number of notable things happened this week in the cryptocurrency market, starting with the proliferation of false rumours regarding the approval of a spot Bitcoin ETF. A brief market rise resulted from these rumours, with BTC driving the charge and altcoins exhibiting catch-up dynamics.
Dogecoin (DOGE), in particular, grabbed attention since it did not exhibit the significant price increases seen in recent months among other cryptocurrencies. Ali Martinez, a market analyst, offered some projections that give rise to some optimism, suggesting that DOGE could be headed in the right direction.
All eyes on DOGE
Martinez just conducted a research that showed Dogecoin is poised to enter a new upswing. On the weekly chart for DOGE, his technical analysis, which was based on the TD Sequential indicator, revealed a solid buy signal.
A prolonged closing above $0.062 would represent a possible breakthrough and might start a rise to $0.070.
https://x.com/ali_charts/status/1715760772330963065?s=20
Analysing Martinez’s given Dogecoin price chart, it is clear that the cryptocurrency has stabilised following a protracted decline that started in July. According to Martinez’s research, DOGE is currently set to retrace towards the 0.5 Fibonacci level.
After a protracted slide, this level symbolises a 50% positive corrective, which is a classic example of price movement.
It’s vital to remember that neither the performance of Dogecoin nor the size of any prospective upturn are guaranteed by these forecasts. Dogecoin might surge as high as $0.077 or perhaps $0.083 per DOGE if it does really follow this trend and consolidates above the indicated levels.
