Dogecoin

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<p dir="ltr"><a href="https://u.today/dogecoin-founder-stresses-crucial-role-of-satoshi-nakamoto" rel="noopener noreferrer nofollow">Dogecoin</a> (DOGE), the largest meme coin by market capitalization, is currently on an uptrend, riding on the waves of positive broader market sentiment. However, on-chain market analyst Ali Martinez highlighted DOGE technical indicators, which suggest a potential price correction ahead.</p>
<h2 id="what-dogecoin-technical-indicator-is-showing">What Dogecoin technical indicator is showing</h2>
<p dir="ltr">In an X post, Martinez posted a Dogecoin chart&nbsp;<a href="https://x.com/ali_charts/status/1847480500727755153" rel="noopener noreferrer nofollow">showing</a> DOGE trading past the $0.14 level. He noted that the TD Sequential, a crucial indicator for identifying the exact time of potential price reversals, flashes a sell signal on the daily chart.</p>
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 <p lang="en" dir="ltr">The TD Sequential flashes a sell signal on the <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> daily chart, anticipating a brief correction before the continuation of the uptrend. <a href="https://t.co/nW2yZgnX5h" rel="noopener noreferrer nofollow">pic.twitter.com/nW2yZgnX5h</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1847480500727755153?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 19, 2024</a>
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<p dir="ltr">This indicates that DOGE’s current uptrend stems from increased purchases, meaning it might be overbought. This phenomenon typically occurs when demand exceeds supply. Also, a cryptocurrency enters the overbought region when a price surge is without a supporting investment rationale.</p>
<p dir="ltr">A selling period usually follows an overbought condition. Based on this premise, Martinez claimed DOGE will potentially see a brief correction before continuing its ongoing uptrend. As of this writing, the DOGE price was trading at $0.143, up 7.15% in the past 24 hours.</p>
<p dir="ltr">On the weekly chart, DOGE rose over 28%, demonstrating its potential for further price surges.</p>
<h2 id="dogecoin-predictions">Dogecoin predictions</h2>
<p dir="ltr">Meanwhile, other market analysts have forecast bullish outcomes for DOGE. In a recent&nbsp;<a href="https://u.today/dogecoin-doge-can-run-to-1-top-trader-predicts" rel="noopener noreferrer nofollow">U.Today report</a>, pseudonymous crypto trader DonAlt claims DOGE is well-positioned to reach the $1 mark. The trader based his forecast on Dogecoin’s increased social sentiments compared to other market players.</p>
<p dir="ltr">Besides increased social sentiment, Dogecoin recently witnessed a&nbsp;<a href="https://u.today/dogecoin-whales-buy-899-more-doge-amid-meme-coin-price-increase" rel="noopener noreferrer nofollow">spike in whale activity</a>. Overnight, the cumulative number of large investors holding DOGE equals around $63 million. In just 24 hours, whale inflow exceeded 1.17 billion DOGE, while outflows amounted to 640.1 million DOGE, respectively.&nbsp;</p>
<p dir="ltr">This indicates bullish activity from Dogecoin whales. Because these whales possess a large amount of crypto, such moves are usually followed by notable price movements.</p> <a href="https://u.today/dogecoin-doge-might-be-overbought-heres-why" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Dogecoin (DOGE) Might Be Overbought, Here's Why

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