A leading cryptocurrency analyst on Tuesday projected significant volatility for Dogecoin (CRYPTO: DOGE) in the days ahead, while outlining a rosy outlook for gold.
Which Way Is DOGE Headed?
Ali Martinez took to X, highlighting a descending triangle formation on Dogecoin’s 4-hour chart that could trigger a 29% price move for the memecoin.
Note that Martinez didn’t explicitly state the direction of the swing, whether upward or downward.
Typically, the pattern indicates a continuation of a downtrend, where sellers are gaining control.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Buy” signal for DOGE, according to TradingView.
Conversely, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Sell.”
‘New Uptrend’ Could Begin For ETH
As for Ethereum (CRYPTO: ETH), Martinez stated that the prolonged period of “sideways grind” could end with momentum shifting back to the bulls.
“As long as the $1,800 support holds, a new uptrend could begin,” they added.
Yellow Metal To Rally?
Martinez also commented on gold’s trajectory, spotting a “major buy signal” on the asset’s daily chart.
“As long as gold stays above $4,325, the path of least resistance is back to the upside. From here, I’m tracking a recovery toward $4,700,” the analyst predicted.
Ethereum and Dogecoin have tanked this year, while spot gold has climbed. Still, gold hasn’t lived up to its crisis-hedge reputation during the Iran conflict, dropping more than 17% this March
| Asset | 24-Hour Gains +/- | YTD Gains +/- | Price (Recorded at 11:55 p.m. ET) |
|---|---|---|---|
| Spot Gold | +2.17% | +5.90% | $4,574.10 |
| Dogecoin |
+1.61% | -18.88% | $0.09514 |
| Ethereum | +0.85% | -27.28% | $2,157.28 |
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