Dogecoin ($DOGE) Price Eyes Bullish Breakout As It Moves Out of Multi-Year Downtrend, Analyst Says

Popular cryptocurrency analyst Ali Martinez has recently revealed a bullish outlook on the meme-inspired cryptocurrency Dogecoin ($DOGE), noting the token is breaking out from a multi-year descending triangle on its weekly chart.

The analyst noted that the breakout is coming at a time in which the TD Sequential indicator is showing a buy signal for the meme-inspired cryptocurrency, which “reinforces DOGE’s bullish outlook.”

The TD Sequential is a technical analysis indicator created by financial market analyst Thomas DeMark. It is used to identify potential trend reversals in asset prices. The TD Sequential is based on the idea that market trends tend to move in a series of upward or downward price movements called “countdowns.”

The indicator uses a series of numbers and letters to signal potential trend reversals, with a buy signal typically indicated by a green 9, which Martinez showed was present on his chart.

As CryptoGlobe reported, earlier this month a cryptocurrency analyst offered a daring DOGE price prediction, suggesting it could see a surge of over 27,000% in the near future to reach the $16 mark per token.

If the price of the meme-inspired cryptocurrency were to surge 27,000% it would shatter its previous all time high. The analyst, known as AMINSHEYBANI, unveiled a chart on TradingView, captioned “Doge to the moon,” in which they hinted, as Benzinga reported, at a potential support level at $0.058, which could be the base for a massive surge that could lead to a $16 peak, meaning the cryptocurrency would rally 27,500%.

Notably, Dogecoin was revealed to be among the cryptocurrency holdings of the San Francisco-based banking institution SoFi, which revealed it owned $166 million in cryptocurrency.

Of these holdings, $82 million are in Bitcoin, while $55 million are in the second-largest digital currency by market capitalization Ethereum. Around $4.5 million are in Cardano, while $4.9 million are in the meme-inspired cryptocurrency DOGE.

Featured image via Unsplash.

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