Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here’s The Target

Dogecoin (DOGE) Poised for Bullish Rebound

Technical analysis suggests that Dogecoin (DOGE) may be on the cusp of a significant bullish reversal. Crypto analyst Ali Martinez observed a buy signal from the TD Sequential indicator on Dogecoin's 3-day chart, indicating a potential reversal.

Martinez forecasts a rebound towards $0.17, near the level where the downtrend commenced in June.

Optimistic Outlook for DOGE

A positive reversal would provide welcome relief for DOGE holders, who have endured a prolonged bearish period. Despite the recent rally in other meme coins, DOGE has remained subdued.

Correlation with Bitcoin

Moreover, Dogecoin's price exhibits a strong positive correlation with Bitcoin. As Bitcoin rebounds above $63,000, DOGE may also benefit from a potential recovery.

Additional Bullish Indicators

Crypto analyst Kevin identified a weekly buy signal for DOGE, marking the first such signal since the coin traded at $0.05. He further noted that DOGE is nearing a weekly golden cross, another bullish indicator.

Potential Price Target

Javon Marks, another analyst, predicts that DOGE could reach $0.6 during its next upward leg. He suggests that the breakout target of $0.6533 could be imminent.

Historical Precedent

Marks believes that DOGE's historical performance suggests it could surpass its previous rally of 22,800% in the 2021 bull run. He anticipates a meteoric rise, potentially reaching as high as $17.