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Dogecoin has flashed a crucial signal as the broader crypto market saw slight selling pressure in the early Thursday session, with the majority of crypto assets seeing slight losses.
A total of $214 million has been liquidated across the crypto market in the last 24 hours, according to CoinGlass data, the majority of which were long liquidations.
As traders await what comes next in the market, Ali, a crypto analyst, highlights that a key indicator, the TD (Tom Demark) Sequential, has flashed a signal for contrarian traders.
The TD Sequential is a counter-trend indicator that hints at trend exhaustion and potential price reversals.
According to Ali, while this key indicator nailed the top for Dogecoin's price, it is now flashing green for the dog coin, hinting at an impending price reversal.
At the time of writing, DOGE was up 0.2% in the last 24 hours to $0.216 following a two-day rise from Sept. 2.
Dogecoin positive expectations linger
Positive expectations remain on Dogecoin spot ETFs, with approval odds placed at 90%. Voicing this expectation, REX Shares predicts that the REX-Osprey DOGE ETF, DOJE, is imminent. Investors will gain exposure to the performance of Dogecoin through the DOJE ETF.
This week, House of Doge, the commercial arm of the Dogecoin Foundation, announced its partnership with CleanCore Solutions to establish a $175 million Dogecoin treasury. This is the first and only to be sponsored by the Dogecoin Foundation, with Elon Musk's personal lawyer Alex Spiro serving as the chairman of the Board of Directors.
As various Dogecoin ETF filings, including that of Grayscale, are currently under review with the SEC, Grayscale issued a tweet on its Dogecoin Trust, an investment vehicle that enables investors to gain exposure to Dogecoin (DOGE) without buying, storing or safekeeping DOGE directly.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team