According to pseudonymous cryptocurrency analyst Ali, the TD (Tom Demark) Sequential indicator presents a key buy signal on the three-day chart of Dogecoin, the leading meme coin.
The chartist has predicted that the price of DOGE could experience a rebound in the near future.
The TD Sequential is a powerful tool used by technical analysts in order to determine when a certain asset is on the cusp of reversing its trend. Tom DeMark, founder and CEO of DeMark Analytics, initially introduced the tool back in 1994 in his book called "The New Science of Technical Analysis."
Yuri MolchanThe strategy consists of two main components: the setup (momentum) with nine candles and the countdown (trend exhaustion) with 13 candles. The indicator signals a potential trend reversal when the countdown approaches a certain level. For a countdown to come into play, a certain setup has to be established first.
At press time, the price of the leading meme coin has remained flat over the past 24 hours.
As reported by U.Today, Dogecoin managed to hit a major milestone earlier this week, surpassing 90 million addresses.
However, the meme coin lacks potential catalysts that could propel its price higher now that the meme coin frenzy that occurred earlier this year has seemingly died down.
Tomiwabold OlajideLast month, Dogecoin faced renewed criticism from Ripple CEO Brad Garlinghouse. As reported by U.Today, the prominent executive opined that the Bitcoin parody was not good for the industry. However, despite facing routine criticism, the seemingly frivolous meme coin remains in the CoinMarketCap top 10 with a market cap of $17.7 billion.
Dan Burgin