Shocked, Dogecoin is observing bullish signals from these indicators

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An analyst pointed out that two indicator patterns recently observed in Dogecoin may be favorable for its price.

Dogecoin has seen positive signals in the TD sequence and whale supply.

In a new post on X, analyst Ali Martinez discussed the Tom Demark (TD) sequence signal that Dogecoin just saw on its 4-hour price chart. The "TD sequence" refers to a technical analysis indicator used to identify potential reversal points in the price of any asset.

The indicator includes two phases, called setup and countdown. In the first phase, the setup phase, it counts the number of candles of the same color up to nine. These candles do not have to be consecutive.

When nine candles appear, the setup is complete, and the TD sequence will issue a reversal signal for the asset. Of course, if the candles involved in completing the setup are green, the indicator will indicate a top; if they are red, the signal will indicate a bottom.

After the setup is completed, the countdown phase begins. This phase of the TD Sequential is exactly the same as the setup, except it involves thirteen candles instead of nine. Once these candles are also printed, the indicator will issue another buy or sell signal for the price.

Recently, Dogecoin completed the first phase of the TD sequence. Below is the chart shared by the analyst, showing this signal in DOGE's 4-hour price:

As shown in the image, Dogecoin's 4-hour price has completed the TD sequence setup, with 9 green candles, indicating that the token may now be ready to turn upwards.

This is not the only positive signal recently observed in DOGE, as Martinez pointed out in another post on X, whales have been busy buying in the past few days.

The on-chain indicator cited by the analyst is the supply distribution from the analytics firm Santiment, which tells us the supply held by any specific group of wallets.

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