A widely followed cryptocurrency trader plans to hold onto their Dogecoin (CRYPTO: DOGE) until Mar. 24, anticipating a significant pump in the value of the world’s largest meme cryptocurrency.
What Happened: Chandler, noted for analyzing chart patterns and forecasting the next moves for cryptocurrencies, shared their investment strategy for Dogecoin.
“March 24 is the 0.236 Fib Time Zone. Historically, it has shown nice pumps in both Bitcoin and DOGE,” the trader stated.
Chandler had previously predicted that the “best time” to sell DOGE is a week or two after it crosses the 0.236 Fib time zone.
Fibonacci time zones are vertical lines that show probable swing highs, lows, or reversal points on a chart. They are time-based indicators, and the vertical lines correspond to the Fibonacci sequence.
Ali Martinez, another influential cryptocurrency analyst, projected that a surge in key on-chain indicators like daily active addresses, transactions, and whale activity could “signal” the start of a fresh DOGE rally.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: The bullish projections, however, contrasted with bearish signals from certain popular technical indicators.
The Moving Average Convergence Divergence, which compares two exponential moving averages of price, flashed a “Sell” signal for DOGE, according to data from TradingView.
Furthermore, nearly all of its exponential and simple moving averages suggested a “Strong Sell.”
Things looked bearish in the derivatives market as well. More than 50% of DOGE futures traders held short positions as of this writing, according to Coinglass.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2523, down 6% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has plunged over 22%.
Image via Shutterstock
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