According to Ali Charts, a top crypto analyst on X, Dogecoin (DOGE) is approaching a critical technical setup that could lead to another price surge. Ali’s tweet mentioned that the MACD indicator on DOGE’s weekly chart is nearing a bullish crossover, a signal that has historically preceded significant rallies of 90% and 180%.
Historical Price Rallies Linked to MACD Bullish Crossovers
Dogecoin has a history of price rallies triggered by the MACD indicator’s bullish crossovers on its weekly chart. According to Ali’s analysis, two notable rallies in DOGE’s past were directly associated with this technical signal.
The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively. A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i
— Ali (@ali_charts) October 2, 2024
DOGE’s price increased 84.54% during the first rally, rising by $0.04851 to around$0.081. Moreover, a second rally signaled a more substantial increase of 178.62%, therefore driving the price up by $0.14649. Following these movements, DOGE experienced corrections, yet the MACD indicator continued to serve as a reliable signal for future rallies.
DOGE’s Potential Signal for an Uptrend
The MACD indicator is used to track momentum and identify trend reversals. Ali Charts pointed out that, historically, whenever the MACD line (blue) crosses above the signal line (orange) on DOGE’s weekly chart, it coincides with a price surge. This crossover has been linked to previous rallies of around 90% and 180%.
Currently, the MACD lines are approaching each other again, with the MACD histogram showing a decline in bearish momentum, represented by decreasing red bars. If the MACD line crosses bullishly, this could signal a new upward trend, according to Ali.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: Why Is The Crypto Market Down Today? Bitcoin Price Dips to $60K
What to Expect: Future Price Movements
Should the expected MACD crossover materialize, traders could expect still another price surge. Still unknown, though, is the extent of the possible surge—that which corresponds with past demonstrations of either 90% or 180%. DOGE’s price path will also be influenced by investor mood and general state of the market.
Watching for the MACD crossover is crucial since it offers a key indicator for the upcoming phase of DOGE’s price movement. Although past performance points to a substantial comeback, the reaction of the market will finally decide the result.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Dogecoin Indicator That Led to a 180% Rally Emerges Again: Is a DOGE Price Surge Imminent? appeared first on CaptainAltcoin.
