- Dogecoin’s road to retesting the $0.10 price range is overshadowed by indecision.
- Top crypto analyst Ali Martinez highlights the critical support cluster for DOGE.
- DOGE price reversal was triggered by last week’s historical Bitcoin ETF approval.
Crypto chart analyst Ali Martinez showcased a TD Sequential graphic for Dogecoin (DOGE), measuring the price in the perspective of three days. The Tom Denmark (TD) Sequential is a trading instrument used to determine the end of a price trend.
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Generating support and resistance lines for the trend switch to take place, TD Sequential’s indicator 9-candle setup phase for a bullish outbreak underlies $0.074, a support level held since November 22, 2023. Leaning into 2024 with just under 9 cents, DOGE sharply fell on the Bloody Wednesday crypto slump on January 3, 2024.
Currently, DOGE is changing hands at $0.0814, according to CoinGecko. Trading above the aforementioned $0.074 key support floor, Dogecoin’s 3-day TD Sequential flashed a ‘Buy Signal’, according to pro crypto analyst Ali Martinez. If the bullish breakout persists, DOGE could be heading to reclaim $0.10, a price range unseen since December 11, 2023.
Key Levels to Watch Amid Indecisive DOGE Price Moves
DOGE has been battered by the bears with a 13.9% deficit in the last 30 days despite claiming a yearly high above $0.10 twice in December 2023. DOGE has been trading in a downward parallel channel, finding key support at $0.078 after a 15% crash following Bitcoin ETF rejection gossip on January 3, 2024.
However, the bearish monthly perspective started to change after last week’s landmark approval of the inaugural Bitcoin exchange-traded fund (ETF); the canine crypto picked up on the bullish wave to restore 3.9% in value since the ETFs were approved by the U.S. Securities and Exchange Commission (SEC).
The current consolidation phase projects two scenarios for Dogecoin, with the price range between $0.074 to $0.088 hinting at indecision between crypto bulls and bears, as the monthly Relative Strength Index (RSI) points to neutrality at 50.69.
On the Flipside
- Multiple other crypto traders on Twitter expect higher targets due to the expectations that Elon Musk, the tech mogul owning X Corp, will include Dogecoin’s blockchain in the financial ecosystem.
- Musk affirmed he is holding an undisclosed amount of the top dog coin in a recent X Space event, while Dogecoin famously soared to $0.142 in November 2022, just a week after Musk’s $44B X acquisition.
Why This Matters
Dogecoin is the second largest Proof of Work (PoW) blockchain, only falling behind Bitcoin (BTC).
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