Ali Martinez has studied Dogecoin's performance and predicts growth to $2
Over the past 30 days, the meme cryptocurrency Dogecoin (DOGE) has been in a slump, recording a loss of 17.13%. However, technical analysis of the token, according to analyst Ali Martinez, points to a reversal.
Martinez drew attention to the fact that DOGE is showing a bullish divergence against the Relative Strength Index (RSI), a momentum indicator that tracks the size of recent price movements. In addition, the TD Sequential is giving a buy signal.
TD Sequential is another technical indicator that uses historical movements to determine if a trend reversal will occur.
I can't predict with absolute certainty how high the rally can take Dogecoin's price, but I believe that a breakout above the initial resistance level at $0.099896 would indicate a continuation of the bullish momentum.
In addition, a rise above the third resistance level at $0.1066 would indicate a major uptrend that could possibly lead to a coin-meme rally to previous yearly highs above $0.2.
On the other hand, if DOGE falls below its support level at $0.093, I would consider an immediate buy signal invalid.
However, other technical analysis tools do not give reason for optimism. Dogecoin's overall TA rating on stock and digital asset analysis platform TradingView is a “sell” whether based on the last 24 hours, seven days, or one month of trading.
If the oscillators remain fixed at “neutral” levels for all three time frames, the moving averages (MAs) recommend selling DOGE.
