Major Buy Signal for Dogecoin on the Three-Day Chart Using the TD Sequential Indicator
The TD Sequential (Tom Demark) indicator has shown a major buy signal on the three-day chart for Dogecoin, the leading meme coin. The TD Sequential is a powerful tool used by technical analysts to identify when an asset is about to reverse its trend. Tom Demark, founder and CEO of DeMark Analytics, introduced this tool in 1994 in his book “The New Science of Technical Analysis.”
Projections based on this chart suggest that the price of DOGE may see a rebound in the near future. The TD Sequential strategy consists of two main components: the setup (momentum) with nine candles, and the countdown (trend exhaustion) with 13 candles. The indicator points to a potential trend reversal when the countdown approaches a certain level. For the countdown to trigger, a specific setup must be formed first.
As of the time of writing, the price of Dogecoin has remained stable over the past 24 hours.
Additionally, Dogecoin achieved a significant milestone earlier this week by surpassing 90 million addresses. However, the meme coin lacks potential catalysts to drive its price upward, especially now that the meme coin frenzy from earlier this year seems to have subsided.
Read more Comparing Shiba Inu and Dogecoin: Insights from Del Crxpto
Last month, Dogecoin faced renewed criticism from Ripple CEO Brad Garlinghouse. According to a report by coinshibainu, Garlinghouse expressed his view that the parody of Bitcoin is not beneficial for the industry. Despite routine criticism, Dogecoin remains within the top 10 coins on CoinMarketCap, with a market cap of $17.7 billion.
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