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Buy alert: Dogecoin technical analysis reveals imminent DOGE rally

By admin On Sep 2, 2024

The original meme coin, Dogecoin (DOGE), has been experiencing a downturn in the last 30 days, with a 17.13% decline to DOGE price today of $0.097.

Things may, however, soon change for the popular cryptocurrency as technical analysis (TA) conducted by the prominent digital assets expert, Ali Martinez, hints that Dogecoin is set for a rally.

Indeed, Martinez explained in an X post made on September 2 that DOGE is showing a bullish divergence against the relative strength index (RSI) – a momentum indicator that tracks the size of recent price moves – and that TD Sequential is giving a buy signal.

Similarly. while oscillators remain fixed on ‘neutral’ for all three time frames, moving averages (MA) continuously recommend selling DOGE.

Dogecoin price chart

Whatever the future may hold for Dogecoin, the fact that its recent performance has been weak remains. For example, out of the last 30 trading days, the meme coin was in the green on only 12, meaning that the general sentiment in the crypto market is bearish, which is hardly surprising.

Still, despite DOGE declining more than 15% in the last month, it has managed to stay in the green in the year-to-date chart, albeit only by 5.85%.

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