Dogecoin Price Flashes Sell Signal After 10% Jump, Is It Time To Get Out?
2024年10月20日 - 12:30PM
NEWSBTC
Dogecoin, the world’s largest meme coin by market capitalization is
now flashing a major sell signal, indicating that it may be time
for investors to get out fast, and sell off their tokens before a
potential decline. This sudden sell signal comes as the Dogecoin
price jumped 10% following a recent comment by SpaceX and Tesla
Chief Executive Officer (CEO) Elon Musk. Dogecoin Price
Flashes Sell Signal Dogecoin recently caught the interest of
investors after its price dramatically surged by over 10%,
surpassing the $0.127 mark in one day. The massive price increase
was driven by social media hype and ongoing speculation about
future endorsements from Musk, following his statements of a
“Department of Government Efficiency (D.O.G.E)” proposal.
Related Reading: Expert Calls On Ripple Community To Collectively
Send XRP Price On 1,800x Rally To $1,000 Despite the considerable
surge in Dogecoin, analysts are cautioning that the price jump may
be signaling an impending sell-off. Particularly, Ali Martinez, a
popular crypto analyst took to X (formerly Twitter) to warn users
that the meme coin was currently flashing a sell signal on the
Dogecoin daily chart. While optimism for Dogecoin turned
bullish after its price increase, it seems investors may have to
get out of the market fast to preserve their new profits. While
some loyal Dogecoin investors may hold on to their assets for the
long term, short-term investors may be tempted to cash in on the
recent gains. Based on the Dogecoin sell signal chart,
Martinez predicts that the meme coin may experience a brief period
of decline typically seen when meme coins experience sharp spikes.
However, the analyst has also forecasted that after this short
correction, Dogecoin may continue its upward momentum to reach new
levels. The cryptocurrency is currently trading at $0.1446, a
significant increase from its price earlier this month which was
standing at around $0.11 at some point. CoinMarketCap’s data has
also revealed that Dogecoin soared by a whopping 30.49% over the
past week and increased by 38.81% in the last month. It’s
clear that the popular meme coin is on a major uptrend, as its
chart has been in the green for some time now. Although Dogecoin
did see some declines previously, investors’ optimism regarding the
meme coin is high as its daily trading volume has increased by
12.29%. Analyst Says Dogecoin Is Going To $1 A crypto analyst
identified as ‘Crow’ on X has confidently predicted a major bullish
rally for Dogecoin. On October 18, the analyst predicted that the
price of Dogecoin was going to $1 soon, possibly riding the wave of
the upcoming crypto bull run. Related Reading: Bitcoin Price
To $95,000? Here’s What Needs To Happen First The analyst shared a
distinctive historical Dogecoin chart, covering the period from
2014 to the present, highlighting how the cryptocurrency had
previously experienced strikingly similar market movements before
hitting a price high. In line with this trend, Dogecoin seems to
have created another unique triangle pattern that started in 2021
and has continued into 2024. It is possible that with the
complete formation of this triangle pattern, Dogecoin may see a
potential spike to $1. While the predictions remain ambitious
speculations, Crow has remained confident, emphatically declaring
that Dogecoin is the Bitcoin of meme coins. Featured image
created with Dall.E, chart from Tradingview.com
Optimism (COIN:OPUSD)
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