Ali Martinez, a well-known analyst in the cryptocurrency space, has shared a fresh outlook on Dogecoin (DOGE), pointing to potential upward momentum.
According to his latest findings, DOGE is showing signs of a bullish divergence on the four-hour chart's Relative Strength Index (RSI), while the TD Sequential indicator is flashing a buy signal. Both indicators point to the possibility of a price rebound for the popular meme coin.
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The TD Sequential indicator is often used to identify potential turning points in price trends. When it flashes a buy signal, it indicates a likely shift toward upward momentum, although this prediction tends to focus on shorter time frames.
The RSI, on the other hand, tracks the speed and change of price movements. A bullish divergence occurs when the price of an asset moves lower, while the RSI is trending higher, indicating potential upward pressure on the price.
#Dogecoin is showing a bullish divergence against the RSI on the 4-hour chart, with the TD indicator flashing a buy signal. These positive signs suggest a potential price rebound for $DOGE on the horizon. pic.twitter.com/kxlQQK7ses
— Ali (@ali_charts) September 2, 2024
Time for "DOGE time"
This prediction is also consistent with Dogecoin's historical trends, which usually continue with price growth in September. For example, according to price history, Dogecoin rises by an average of over 11% in the ninth month of the year, making it a particularly interesting time for DOGE enthusiasts.
DOGE Monthly Returns by CryptoRank
Currently, Dogecoin is trading at $0.097, its lowest level since Aug. 5. While this drop may be cause for concern, current technical indicators are pointing to a possible turnaround. If these patterns hold, Dogecoin could be positioned for a significant rebound, potentially capitalizing on its historic September rally.
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As meme coins continue to rule the market, DOGE seems to be a bit forgotten. Perhaps a small outstanding price rally could bring attention back to the first original meme cryptocurrency and set the stage for its comeback.
