Dogecoin Shows Bullish Signals from TD Sequential and Whale Accumulation
An analyst has identified recent bullish patterns for Dogecoin based on two indicators.
Dogecoin Displays Positive Signals from TD Sequential and Whale Activity
Analyst Ali Martinez noted a Tom Demark (TD) Sequential signal on Dogecoin's 4-hour price chart. The TD Sequential is a technical analysis tool used to identify potential price reversals.
The TD Sequential consists of two phases: the setup and countdown. During the setup, candles of the same color are counted up to nine, which do not need to be consecutive. Completion of nine candles provides a reversal signal, indicating a top if green and a bottom if red.
The countdown phase follows, counting thirteen candles similarly. Upon completion, it also generates a buy or sell signal.
Recently, Dogecoin completed the TD Sequential setup phase, signaling a possible upward trend:
The chart shows nine consecutive green candles, suggesting a potential upward reversal for DOGE.
Additionally, Martinez highlighted increased whale activity in another post, indicating that large investors have been accumulating Dogecoin. This data comes from the Supply Distribution metric by Santiment, which tracks wallet group holdings.
The following chart illustrates the increase in supply held by whales, defined as those holding between 10 million and 100 million tokens:
The graph indicates a net increase of 90 million DOGE (approximately $28.7 million) held by whales over the past two days, suggesting confidence in the current price level.
DOGE Price
Currently, Dogecoin is priced around $0.319, reflecting an increase of over 10% in the past week.
