DOGE has been on a downtrend despite Bitcoin's bullish start to June.
The TD Sequential indicator on the 3-day chart shows a possible buying opportunity for Dogecoin.
A reversal could lead to a rally towards the $0.15 critical price point.
Confirmation of the buy signal hinges on DOGE overcoming the $0.133 resistance level.
A successful breakout above $0.133 could see Dogecoin reach $0.17, where the downtrend began.
The crypto market is currently highly uncertain, considering Bitcoin's bullish start to July and its break above the $63,000 price level once again after a bearish June.
Dogecoin, in particular, has suffered through the last three months, rallying only slightly with the rest of the memecoins during the good times and declining harshly in the bad.
However, amid the bearishness, Dogecoin does have its good ones, and some technical indicators point towards an incoming Doegcoin recovery.
Despite the generally bearish sentiment on Dogecoin, analyst Ali recently pointed out a possible buying opportunity on the memecoin.
According to the analyst, Dogecoin might be poised for a rebound, considering the current buy signal on the TD Sequential indicator on the three-day chart.
The TD Sequential indicator, a popular tool among analysts, is used to identify market turning points.
According to the indicator’s readings on Dogecoin, a reversal could be inbound and could possibly set the stage for a rally to the critical $0.15 mark.
According to the analyst, “The TD Sequential presents a buy signal on the #Dogecoin 3-day chart, predicting a rebound of one to four candlesticks for $DOGE!”
According to the charts, Dogecoin has been bearish for quite a while after losing its footing at around $0.21.
The cryptocurrency has declined so far, even hitting the $0.11 price level and ending up at around $0.125 at the time of writing.
Dogecoin’s price action
In the shorter term, Dogecoin has also been in a downtrend since 7 June, after losing its standing around the $0.17 price level.
However, between 17 June and the time of writing, the cryptocurrency has been consolidating between $0.114 and $0.133.
The first challenge for DOGE would be to break above this $0.133 price level and confirm it as support.
Dogecoin needs a break above $0.133
Only then can the TD sequential’s readings be confirmed as accurate.
If this happens, the cryptocurrency will be poised to travel to the next significant target around $0.15, which is a psychological barrier that marks previous support turned resistance.
If the bulls feel up to the task around this price level, we should see them continue to push further upwards, eventually hitting the $0.17 price level, where the initial downtrend first began in early June.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.