Are you curios how to stay confident and unshaken through these seemingly unending periods of uncertainty and weak price action? What’s the secret of hope, people wonder. Well, today, we'll share our approach with you.
In the last cryptocurrency frenzy, @Dogecoin emerged as a notable frontrunner among altcoins, significantly outperforming Bitcoin in terms of return on investment (ROI). Since then, Dogecoin has lost in value a lot, just like the crypto market as a whole. This is common during a bear phase. However, in bull markets, returns historically have been shocking.
Currently, there are signs that Dogecoin may be gearing up for a potential revival, as evidenced by the Parabolic SAR indicator on the 1-month timeframe:
The Parabolic SAR is yet another technical trend reversal indicator based on moving averages like almost everything in TA. Should $DOGE break through the Parabolic SAR level in the 1-month timeframe, it could suggest a notable market trend reversal has taken place.
As of now, such a breakout has yet to materialize, and the market continues to consolidate, which is also confirmed by other TA tools and indicators.
The reason it’s important is that Dogecoin often serves as a precursor to the altcoin season start. The upward move in DOGE historically precedes a surge in the broader altcoin market. Such a buy signal has triggered only three times in $DOGE, yielding returns of 500%, 225%, and an astounding 25,000%, respectively.
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MetaTalks disclaims responsibility for any investment advice that may be contained in this article. All judgments expressed are solely the personal opinions of the author and the respondents. Any actions related to investing and trading in crypto markets involve the risk of losing funds. Based on the data provided, you make investment decisions in a balanced, responsible manner and at your own risk.