Crypto analyst Ali Martinez says Dogecoin (DOGE) is gearing up for a parabolic advance that may shake off impatience before it emerges.
Martinez told his 91,000 followers on social media platform X that DOGE has issued a bearish sell signal on the Tom DeMark (TD) Sequential Indicator on the weekly chart.
The TD Sequential indicator flashes buy and sell signals based on the closing price over a specific period of time (9 weeks in this case).
However, Martinez points out that the indicator gave the exact same bearish signal in both 2017 and 2020, just before a big rally to a new cycle high or beyond.
“DOGE will test your patience with this parabolic run! Similar to 2017 and 2020, we received a sell signal from TD in anticipation of a short correction before the bull run continues. ”
Martinez’s chart suggests that DOGE is in a major uptrend channel that could push Memecoin all the way to $14 if it reaches the top of the pattern again.
As of this writing, DOGE is trading at $0.42.
Turning to Bitcoin, Martinez said that despite many market participants calling for a correction after weeks of strong gains that saw Bitcoin reach nearly $100,000, We maintain a bullish stance.
Looking at social media indicators that track mentions of “pullbacks” and “100K,” Martinez says prices can move in the opposite direction of prevailing market sentiment.
“Everyone is predicting a pullback after Bitcoin regains $95,000, look how often that is mentioned. But the market often moves against crowd expectations.
Don't be surprised if BTC rises further! ”
The analyst also supports his bullish stance by pointing to Bitcoin's average mining cost, or how much it costs a miner to acquire 1 BTC.
“There is a lot of talk about Bitcoin BTC falling below $90,000.
Keep in mind that the average mining cost is $90,524. Historically, BTC has never fallen below the cost of mining during a bull market. ”
As of this writing, BTC is trading at $96,523.
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