Crypto trader and analyst Tony “The Bull ” on Monday identified a technical signal in Dogecoin’s DOGE/USD price activity that may suggest an upcoming rally for the meme cryptocurrency.
What Happened: The analyst observed that DOGE reached the one-month Parabolic Stop and Reverse (SAR) indicator—a pattern which, according to him, preceded a 23,000% rally in the past.
Tony “The Bull” took to X, saying, “This dog is ready to bite. #Dogecoin tags 1M Parabolic SAR. The last signal produced a $DOGE 23,000% rally.”
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Traders who focus on technical analysis commonly use the parabolic SAR to identify potential reversal points in an asset’s price movement. Essentially, it helps determine the levels at which an asset might halt its current momentum and move in the opposite direction.
Another pseudonymous trader and analyst, Crypto Tony, suggested that Dogecoin could be on the precipice of a major rally. This prediction comes amid technical indicators displaying a breakout from a longstanding downtrend and patterns synonymous with accumulation phases in DOGE's price movements.
Crypto Tony said, "WHEN DOGE PUMPS YOU KNOW ALT SEASON IS HERE OR COMING SHORTLY."
Price Action: At the time of writing, DOGE was trading at $0.076, down 5.38% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
