Crypto analyst Trader Tardigrade has revealed that Dogecoin has flashed a buy signal, which indicates that a price rebound might be on the horizon. DOGE’s price rebound is also significant in this case as it could confirm that the wave 4 corrective move is over.
Dogecoin Flashes Buy Signal With Price Rebound On The Horizon
In an X post, Trader Tardigrade revealed that Dogecoin’s weekly Relative Strength Index (RSI) is flashing a buy signal. He further stated that the meme coin’s RSI has fallen to a potential rebound zone. The analyst predicts that DOGE could follow, dropping into a rebound zone and enjoying a bullish reversal.
The analyst’s accompanying chart showed that the Dogecoin price could rebound to above $0.8 on this bullish reversal. This would put DOGE’s bull run back in motion, seeing as the foremost meme coin has significantly retraced from its local high of around $0.46 in the first phase of its bull run last year. A rally to $0.8 is also significant as it would mark a new all-time high (ATH) for the crypto.
Meanwhile, a Dogecoin price rebound could confirm that the wave 4 corrective move is finally done. Crypto analyst Crypto Online noted that DOGE’s price is still holding the $0.17 support but the last rally lacked impulsive strength, forming only three waves. He added that a breakout above $0.25 is needed to signal that wave 4 has likely bottomed.
Dogecoin also needs to reverse quickly. Crypto analyst Ali Martinez previously revealed that a break below $0.15 could mark the end of the meme coin’s bull run. As such, DOGE must stay above these key support levels to maintain bullish momentum.
More Bullish Outlooks For DOGE
In subsequent X posts, Trader Tardigrade further provided a bullish outlook for DOGE and suggested that a price rebound was on the horizon. In one post, he revealed that DOGE’s daily candle closed with a Dragonfly Doji. He added that since the doji in DOGE is at the bottom of a downtrend, this signal indicates the market will start strengthening and reversing back up.
In his analysis of Dogecoin’s 1-hour chart, the analyst also stated that something is brewing for the foremost meme coin with a bullish pennant formation. His accompanying charts showed that DOGE could soon successfully reclaim the $0.2 support level and target new highs on this upward trend.
Ahead of this projected bullish reversal, Dogecoin whales have been actively accumulating more DOGE. Martinez revealed that these Dogecoin whales have bought 180 million DOGE in 24 hours.
At the time of writing, the DOGE price is trading at around $0.2, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
