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Cryptocurrency analyst and trader Ali Martinez, known on the X platform under the name @ali_charts, has published a tweet to show that the original meme cryptocurrency, DOGE, loved by many traders, is facing a potential correction ahead.
Martinez tweeted that the TD Sequential index presented a sell signal for Dogecoin on a four-hour chart. The potential correction was likely to take the DOGE price from the $0.161 level down to the $0.156 chart.
DOGE denies bearish price outlook
That prediction did not live up to reality, though, and the meme cryptocurrency with the largest market capitalization value soared by 14.3% on the four-hour chart. Dogecoin has surged roughly from $0.15041 to reach the $0.17237 price level.
The two largest cryptocurrencies – Bitcoin and Ethereum – have also shown price increases, rising by 1.7% and 2.1%, respectively. The coins have reversed after major declines. A likely reason for the price surge of DOGE, BTC and ETH is the election in the U.S. that is taking place today. The cryptocurrency community is looking forward to the results, as the outcome is likely to have a major impact on the future regulatory stance on crypto and its adoption in the United States.
Roughly a week ago, renowned investor Raoul Pal predicted that Dogecoin waslikely to enter the so-called Banana zone soon – a period when DOGE enters an unrestrained upward price surge. It would be the completion of the bull pattern on the chart that began forming back in 2021 after the meme coin reached an all-time high of early $0.75 in early May.
That price spike took place after the biggest DOGE fan, Elon Musk, called himself “The DogeFather” in a notable tweet, and after that he endorsed it during his debut on Saturday Night Live.
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Dogecoin founder “approves” selling X merch for DOGE
Over the weekend, Dogecoin cofounder Billy Markus shared his take on the possibility of X beginning to sell its merchandise for DOGE.
DOGE enthusiast @dogeofficialceo retweeted a post from the X team that hinted that soon X merch would be coming. The DOGE-themed account asked his numerous followers if they would be happy to pay for that merch in DOGE.
Billy Markus responded “ya.” He also commented on the original tweet published by X, tweeting “XXX.”