According to U.Today, a pseudonymous cryptocurrency analyst known as Ali has indicated that the TD (Tom Demark) Sequential indicator is showing a key buy signal on Dogecoin's three-day chart. This suggests that the leading meme coin's price could rebound in the near future. The TD Sequential is a tool used by technical analysts to predict when an asset is about to reverse its trend. It was first introduced by Tom DeMark, founder and CEO of DeMark Analytics, in his 1994 book 'The New Science of Technical Analysis.'
The TD Sequential strategy comprises two main components: the setup (momentum) with nine candles and the countdown (trend exhaustion) with 13 candles. The indicator signals a potential trend reversal when the countdown approaches a certain level. However, a specific setup must be established before a countdown can come into play. At the time of reporting, Dogecoin's price has remained steady over the past 24 hours.
Earlier this week, Dogecoin achieved a significant milestone by surpassing 90 million addresses. However, the meme coin currently lacks potential catalysts that could drive its price higher, as the meme coin frenzy that took place earlier this year appears to have subsided. Despite this, and despite routine criticism, Dogecoin remains in the CoinMarketCap top 10 with a market cap of $17.7 billion. Last month, Ripple CEO Brad Garlinghouse renewed his criticism of Dogecoin, stating that the Bitcoin parody was not beneficial for the industry.