Cryptocurrency analyst Ali warned that the meme cryptocurrency Dogecoin (DOGE/USD) could be in the midst of a correction after reaching $0.10 levels last week.
According to Ali, the TD Sequential indicator has triggered a sell signal on Dogecoin’s weekly chart. A downward correction could result in Dogecoin dropping down to $0.085 or even $0.078. However, if the statue climbs past the critical $0.11 threshold, then the current bearish trend may not play out.
“TD Sequential flagged a sell signal on Dogecoin weekly chart. This comes as DOGE faces a key resistance level that has repeatedly thwarted its climbs in the past. A correction could see prices dip to $0.085 or even $0.078. However, if DOGE can surge past $0.11, the bearish scenario gets negated,”“the analyst tweeted.
Another cryptocurrency analyst, known as Captain Fabik recently came out with an optimistic outlook on Dogecoin’s potential for growth. On platform X Monday, Fabik said, “DOGE train has already left the station… An epic pump Incoming..” He set the same threshold cited by Ali but looking for highs to $0.70 instead of the downside at valleys near $0.078.
Price action at the time of this report had DOGE trading at $0.096 a -0.51% in the last 24 hours.
