Indicator Signals ‘Buy’ for Dogecoin: Here’s Why DOGE Price Spike to $15 Is Possible

Crypto Analyst Identifies Buy Signal for Dogecoin

Crypto analyst Ali has observed a notable development in Dogecoin's price chart, signaling a potential upward trend. The TD Sequential indicator has displayed a "9" buy signal on Dogecoin's 4-hour chart, indicating a possible reversal.

Recent Market Dynamics

Prior to the buy signal, Dogecoin's price had been on a downward trajectory. However, it has recently exhibited signs of indecision, with indecisive candlesticks suggesting market hesitation.

Significance of Buy Signal

The "9" buy signal from the TD Sequential indicator suggests a potential exhaustion of bearish momentum and the likelihood of a price rebound. This aligns with Dogecoin's current valuation around $0.35012.

Key Resistance and Support Levels

Resistance is encountered near $0.36500, while potential support exists at $0.34500. Traders will monitor these levels for possible breakthroughs.

ETF Catalyst

Adding to the bullish outlook, a Delaware filing by Bitwise for a Dogecoin ETF has attracted market attention. The analyst believes this development could serve as a significant catalyst and potentially drive Dogecoin's price towards $15.

Long-Term Trend

Examining Dogecoin's logarithmic price history reveals a trend channel established since 2017. The cryptocurrency has largely respected this channel, with a peak near $0.7 during the 2021 bull run.

Cautious Approach

Despite the positive signals, traders are advised to proceed with caution. Overall market sentiment and Dogecoin's ability to maintain above $0.35000 will be critical in validating this potential price reversal.