Prominent trader #AliMartinez has warned of an impending correction in the Dogecoin ($DOGE
) #exchange rate before a new round of bullish trend.
The TD Sequential indicator has given a sell signal on Dogecoin's daily chart, indicating a short-term correction before resuming the uptrend,â Martinez wrote.
The value of Dogecoin started to rise rapidly on October 10 and on Saturday reached its highest level since June 12, 2024 at $0.147. However, as a result of the powerful pump, the token meme market was in an oversold zone, and TD Sequential notified the end of the #BullishTrend .
The Dogecoin exchange rate has already corrected by 5% from the peak, but judging by the chart, the downtrend is not over yet. #doge⥠is likely to fall in price to $0.136, because this barrier coincides with the 23.6% Fibonacci level, taking into account the increase in the price of the coin from $0.1 to $0.147. If the support barrier holds, we should expect the bullish trend to continue.
Dogecoin has outpaced the rate of growth of all competitors from the top ten cryptocurrencies in terms of capitalization. Over the past week, DOGE has added 27% to its price, while bitcoin and Ethereum ($ETH
) have risen in price by only 8% and 7% respectively. The pummeling of the token-meme market is explained by the fact that Ilon Musk has once again started unwittingly PRing Dogecoin by publishing reports about the as yet non-existent Department of Government Efficiency Enhancement, which is abbreviated as D.O.G.E..
