Analyst Says Dogecoin Parabolic Rally Will Test Your Patience, Sees Bitcoin Surging Amid Calls for Pullback
Crypto analyst Ali Martinez says that Dogecoin ( DOGE ) is gearing up for a parabolic advance that might shake out the impatient before manifesting.
Martinez tells his 91,000 followers on the social media platform X that DOGE has just given a bearish sell signal on the Tom Demark (TD) Sequential indicator on the weekly chart.
The TD Sequential indicator flashes buy and sell signals based on the closing prices of a given time period, and in this case, nine weeks.
However, Martinez notes that the indicator gave off the exact same bearish signal in both 2017 and 2020 right before massive rallies to new cycle highs and beyond.
“DOGE is going to test your patience in this parabolic run! Just like in 2017 and 2020, we got a sell signal from TD, anticipating a brief correction before the bull rally continued.”
Source: Ali Martinez/X
Martinez’s chart suggests that DOGE is in a large ascending channel that could push the memecoin to $14 if it reaches the upper bound of the pattern once again.
At time of writing, DOGE is trading at $0.42.
Turning to Bitcoin, Martinez remains bullish on BTC despite many market participants calling for a correction after its sizeable multi-week rally near $100,000.
Looking at social media metrics that track mentions of “pullback” and “100K,” Martinez says that the price may move in the opposite direction of the predominant market sentiment.
“Everyone’s anticipating a pullback after Bitcoin reclaimed $95,000 – just look at how often it’s mentioned. But markets often move against the crowd’s expectations.
Don’t be surprised if BTC pushes even higher!”
Source: Ali Martinez/X
The analyst also backs up his bullish stance by noting the average mining cost of Bitcoin, which refers to how much it costs miners to earn one BTC.
“Seeing lots of chatter about Bitcoin BTC dipping below $90,000.
Keep in mind that the average mining cost is $90,524. Historically, during a bull run, BTC has never fallen below its mining cost.”
Source: Ali Martinez/X
At time of writing, BTC is trading at $96,523.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will Musk Face "Reckoning" After the Election? Deutsche Bank: The Tighter the Hashpower, the More Profitable SpaceX; Political Risks Are Overestimated
Deutsche Bank believes that SpaceX's political risks are overestimated by the market—its core contracts are signed by federal executive agencies, congressional intervention is extremely limited, and there are no substitute suppliers in most business areas. The most immediate risk comes from the Texas governor-elect's tough stance on data centers, but tightening compute power supply might actually enhance SpaceX's pricing power and revenues.
U.S. Retirement Funds Could Unlock Billions for Crypto: Are You Willing to Risk These 4 Coins?
Watch Out: Major Token Unlocks Are Coming for 15 Altcoins This Week—Here’s the Day-by-Day, Hour-by-Hour Schedule
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
Crypto prices
More
