The cryptocurrency trader and analyst Ali revealed in an X post yesterday that Dogecoin (DOGE) may be in the process of establishing a new uptrend. According to the post, the TD Sequential indicator presented a buy signal for the meme coin on the weekly chart.

#Dogecoin appears ready to start a new uptrend!

The TD Sequential presented a buy signal on $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070.

— Ali (@ali_charts) October 21, 2023

The analyst did note that a confirmation of this bullish thesis could be when the meme coin’s price achieves a sustained close above $0.062. Should DOGE’s price maintain a position above this price point, then Ali anticipates that DOGE could enter into an upswing to $0.070.

Weekly chart for DOGE/USDT (Source: TradingView)

Meanwhile, the cryptocurrency market tracking website CoinMarketCap indicated that DOGE’s value had risen throughout the past day of trading. At press time, the altcoin was up 2.50%. As a result, DOGE’s price stood at $0.06155.

Along with the increase in price, DOGE also recorded an uptick in its 24-hour trading volume. CoinMarketCap data indicated that DOGE’s daily trading volume stood at around $165.32 million following an increase of 21.38%.

Daily chart for DOGE/USDT (Source: TradingView)

DOGE was attempting to challenge the next key resistance level at $0.06450 at press time. Should it close a daily candle above this level, then it may attempt to overcome the subsequent barrier at $0.07195 as well in the following few days.

This bullish thesis may be invalidated if DOGE fails to record a daily candle close above $0.6450 within the coming 72 hours. Consequently, the altcoin could be at risk of retesting the $0.05835 support level in the short term.

A bullish thesis may be more likely to play out, however, given the fact that a noteworthy bullish technical flag was recently triggered on DOGE’s daily chart. In the last 48 hours, the daily MACD line crossed above the daily MACD Signal line. This suggested that DOGE’s positive trend may continue in the next 24-48 hours.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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