The Indicator That Called DOGE’s Collapse Just Flashed a Rare Buy Signal: Analyst

Dogecoin could be primed for a major reversal, at least according to the metric that recently predicted its price crash to a 14-month low.

Meanwhile, analysts seem confident that DOGE’s current price range is a “good accumulation zone,” something that whales have taken advantage of lately.

DOGE to Rebound Soon?

The leading meme coin rode the mid-May push wave quite impressively, going from $0.092 to a multi-week peak at almost $0.12 at the time. However, the subsequent market-wide correction and overall weakness led to massive price declines.

One of the indicators that suggested a more notable DOGE drop was the Tom DeMark (TD) Sequential. It flashed a major sell signal for the OG meme coin in early May on the 3-day chart, and although it took some time, the asset indeed dumped hard, going from $0.113 to under $0.08, which became its lowest price tag in over a year.

Now, this same indicator, which is used to determine the underlying asset’s market exhaustion in either direction, has flipped bullish, according to Ali Martinez. The analyst predicted that after the 30% correction, a “rebound could be around the corner” for DOGE.

Meanwhile, fellow analyst MikybullCrypto outlined a similar perspective, indicating that the meme coin currently sits on a “good level for accumulation.” As reported yesterday, Dogecoin whales have started purchasing at these lower levels, accumulating over 200 million tokens in a week.

Some Reaction?

Another popular crypto commentator, Daan Crypto Trades, also weighed in on DOGE’s recent price moves, suggesting that the token typically retraces to the $0.06-$0.08 range in bear markets. History shows, though, that it tends to get “some kind of reaction” once it gets there.

This same level was tested in February, and it held, but he added that “it’s still good to watch.” Daan noted that DOGE has fallen out of investors’ radar lately, but that doesn’t mean that it cannot repeat some of its previous historic rallies, many of which began from the current levels.

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