Dogecoin TD Sell Signal Goes Off, But Here’s Why Parabolic Bull Run Can Still Continue

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,910,381,795,736	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,910,381,795,736

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-749.98	-0.77%	96,735.10	96,733.69	96,733.70

Price Change

Price Change %

Current Price

Bid Price

Offer

-749.98

-0.77%

96,735.10

96,733.69

96,733.70

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,400.00	96,355.13	97,362.58	97,485.08	37,500.00 - 99,860.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,400.00

96,355.13

97,362.58

97,485.08

37,500.00 - 99,860.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:48:28	0.000206	96,733.69	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:48:28

0.000206

96,733.69

USD

Price x Volume	Volume	Base Symbol	Related Pairs
124,122,513.87	1,282.70	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

124,122,513.87

1,282.70

Dogecoin TD Sell Signal Goes Off, But Here’s Why Parabolic Bull Run Can Still Continue

29/11/2024 11:00pm

NEWSBTC

Dogecoin has just showed a Tom Demark (TD) Sequential sell signal, but an analyst has explained how the parabolic run could still continue for DOGE. Dogecoin Is Currently Showing A Pattern Similar To Previous Bull Runs In a new post on X, analyst Ali Martinez has discussed about a TD Sequential signal that has formed for Dogecoin’s weekly price recently. The “TD Sequential” refers to a technical analysis (TA) indicator that points out locations of probable tops and bottoms in a given asset’s price. This indicator involves two phases: the setup and the countdown. During the first of these, candles of the same color are counted up to nine. Once the nine candles are in, the setup is said to be complete, and a reversal in the asset may be expected. Related Reading: Ethereum Open Interest Sets New Record, Analyst Says Fireworks ‘Guaranteed’ Naturally, the price would start heading down if the candles leading up to the setup’s completion were green, while it would catch an updraft if the candles were red. As soon as the setup is over, the countdown begins. This phase of the indicator works similarly to the setup, except for the fact that it lasts for thirteen candles. After these thirteen candles are also in, the asset may be considered to have arrived at another likely point of turnaround. Dogecoin has recently completed the TD Sequential phase of the first type, as the below chart for its weekly price shared by the analyst highlights. As is visible in the graph, Dogecoin has finished the TD Sequential setup with nine green candles, which implies the indicator has just given a sell signal for the memecoin. Considering the indictor’s history, it’s possible that this would lead to a drawdown for the asset. That said, history would also inform us of another thing, as Martinez has highlighted in the chart. It would appear that during each of the last two bull runs, DOGE observed a similar TD Sequential setup in the initial leg of the rally as the one witnessed recently. These signals led into declines for the coin, but the bearish momentum didn’t last very long on either occasion, as the rally renewed each time after a temporary setback. Related Reading: Glassnode’s Bitcoin “Seller Exhaustion” Indicator Just Flashed A Signal: Bottom In? If this trend is to go by, it’s possible that the latest TD Sequential sell signal may also prove to be only a minor obstacle on the way up for the cryptocurrency’s price. From the graph, it’s also visible that the last two Dogecoin bull runs both fit neatly into an ascending parallel channel. The channel has also continued to hold in the current cycle so far, meaning that if DOGE is going to rise all the way toward its upper channel, it might break through the $14 mark. It only remains to be seen, though, whether the asset would repeat the pattern or if this cycle is going to be different from the last two. DOGE Price Dogecoin has hit the snooze during the last couple of weeks as its price has continued to move sideways around the $0.41 mark. Featured image from Dall-E, charts from TradingView.com

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