Meme cryptocurrency Dogecoin (DOGE) is currently exhibiting a bullish bias, consolidating its price above the $0.15 support zone amid short-term positive market sentiment.
This comes as the Dogecoin community anticipates the coin maintaining this position, potentially driving its valuation towards the $1 mark.
Notably, this milestone appears achievable based on an analysis by crypto trading expert Ali Martinez in an X (formerly Twitter) post on April 20. Martinez highlighted that Dogecoin has formed a historical classic pattern, suggesting a possible significant breakout.
Dogecoin price analysis chart. Source: TradingView/Ali_charts
“Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle.Based on past trends, we might just see DOGE rocket towards $1 in the coming weeks!,” the expert said.
DOGE’s buy signal
Additionally, in a previous analysis, Martinez had observed that technical indicators suggested that Dogecoin’s TD Sequential point flashed a buy signal on the daily chart.
The TD Sequential indicator is used to identify potential trend reversals or continuation patterns in the market. When the indicator generates a buy signal, it suggests that a sequence of candlesticks has met specific criteria, suggesting a potential bullish movement in the near term.
This signal indicates the potential for an upswing lasting one to four days for the popular meme-based cryptocurrency.
The TD Sequential has flashed a buy signal on the #Dogecoin daily chart, indicating a potential upswing of one to four days for $DOGE! pic.twitter.com/GOmTCp0wCw
— Ali (@ali_charts) April 20, 2024Should Dogecoin sustain its upward momentum and breach the $1 mark, it would represent a significant milestone for the cryptocurrency, though further bullish momentum would likely be necessary. Notably, Dogecoin’s recent gains coincide with the Bitcoin halving event, considered a bullish sentiment.
Overall, Dogecoin has gained a reputation for trading in tandem with Bitcoin, and if the post-halving bullish sentiment materializes, the meme coin could have a better chance of rallying, confirming the classic pattern.
Dogecoin also continues to benefit from support from figures such as Tesla (NASDAQ: TSLA) CEO Elon Musk and community initiatives. For instance, during Bitcoin’s halving day, the Dogecoin community celebrated Dogecoin Day, a social media campaign aimed at raising awareness and boosting the value of Dogecoin.
Happy doge day to all #dogecoin #hodlers Let's all buy some doge to celebrate this day! We won't see this price for long! ??? #dogecointothemoon pic.twitter.com/cVfwWSIEOp
— Matthew Bonnici XĐ? (@matbon1982) April 20, 2024Dogecoin price analysis
Regarding price analysis, Dogecoin is striving to surpass resistance at the $0.17 level. Breaking this level could pave the way for the meme coin to reach $0.18, and in an exceptionally bullish scenario, it could even target the psychological level of $0.2.
However, if Dogecoin fails to breach the $ 0.20 level, it may face rejection, potentially retracing to around $0.12, where it could find support.
Meanwhile, by press time, Dogecoin was trading at $0.16019, having experienced a rally of over 3% in the last 24 hours. On a weekly timeframe, the meme coin has seen gains of over 6%.
Dogecoin seven-day price chart. Source: Finbold
With the Dogecoin community still working on establishing strong fundamentals, the coin’s prospects of rallying hinge on the general market trajectory.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
