Dogecoin Sell Signal Appears: Analyst Predicts Potential Targets
A recent sell signal has been triggered for Dogecoin, according to an analyst. The TD Sequential indicator has indicated a potential reversal point for the coin’s price on the weekly chart. The setup phase of the indicator is complete, with green candles leading to the sell signal. This could suggest a possible downtrend for Dogecoin in the near future.
The analyst, Ali, points out that Dogecoin is currently facing a key resistance level that has previously hindered its upward movements. As a result, a correction could see the price of the coin drop to $0.085 or even $0.078. This would signify a decrease of around 11% or more than 18% respectively from the current price.
However, the analyst also notes that if Dogecoin manages to surpass $0.11, the bearish scenario would be invalidated. Ali previously shared a chart highlighting the on-chain support and resistance levels of the coin, which showed the $0.094 to $0.097 range as the strongest support zone.
Despite the sell signal, Dogecoin has experienced a 7% increase in price over the past week and is currently trading at around $0.096. The asset’s price has seen a dip in the last couple of days.
It is important to note that this article is for educational purposes only. It does not represent financial advice and readers are advised to conduct their own research before making any investment decisions. Investing in cryptocurrencies carries risks and should be done at one’s own discretion.