A trader gaining traction with macro crypto predictions believes that the leading memecoin Dogecoin (DOGE) is on the verge of experiencing significant rallies.
The analyst, known as TechDev, informs his 467,500 followers on social media platform X that Dogecoin seems to be reflecting a pattern reminiscent of the 2020 cycle.
The trader presents a chart indicating that DOGE is in the process of converting a crucial resistance level into support, setting the stage for a major upward movement.
The trader’s chart also indicates his belief that the altcoin sector is on the brink of surges, asserting that “as DOGE performs, so does the alt market.”
At the moment, DOGE is trading at $0.106, showing a slight decline for the day.
In regard to Bitcoin, the trader reveals a chart suggesting that BTC is preparing for the final leg of its current cycle.
The trader’s chart suggests that Bitcoin is tracking global liquidity cycles, comparing Chinese 10-year bonds (CN10Y) against the seasonally adjusted US money supply (M2NS). TechDev notes that Bitcoin typically reaches cycle highs when the global liquidity metric surges, rather than when it declines.
To bolster his optimistic view on BTC, the trader shares another chart hinting that Bitcoin seems to be paralleling its 2016 cycle. His chart indicates that, akin to 2016, Bitcoin has completed an ABC corrective move on the two-month timeframe, while a key momentum indicator, the relative strength index (RSI), appears ready for a rebound after cooling down from 68 to 62.
During the 2016 cycle, Bitcoin experienced a remarkable rally, soaring from approximately $300 to its peak of around $20,000.
As of now, BTC is priced at $60,241.
Don’t Miss Out – Subscribe for email alerts straight to your inbox
Check the Latest Price Action
Follow us on X, Facebook, and Telegram
Explore The Daily Hodl Mix
Disclaimer: Views expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Your trades and transfers are at your own risk, and any losses you incur are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Image Creation: Midjourney
Shutterstock/K MrArtHit
Dutch
English
French
German
Greek
Italian
Portuguese
Russian
Spanish