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Crypto trader and analyst Tony The Bull on Monday identified a technical signal in Dogecoins DOGE/USD price activity that may suggest an upcoming rally for the meme cryptocurrency.
What Happened: The analyst observed that DOGE reached the one-month Parabolic Stop and Reverse (SAR) indicatora pattern which, according to him, preceded a 23,000% rally in the past.
Tony The Bull took to X, saying, This dog is ready to bite. #Dogecoin tags 1M Parabolic SAR. The last signal produced a $DOGE 23,000% rally.
This dog is ready to bite #Dogecoin tags 1M Parabolic SAR
Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea
— Tony "The Bull" (@tonythebullBTC) November 16, 2023
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Traders who focus on technical analysis commonly use the parabolic SAR to identify potential reversal points in an assets price movement. Essentially, it helps determine the levels at which an asset might halt its current momentum and move in the opposite direction.
Another pseudonymous trader and analyst, Crypto Tony, suggested that Dogecoin could be on the precipice of a major rally. This prediction comes amid technical indicators displaying a breakout from a longstanding downtrend and patterns synonymous with accumulation phases in DOGE's price movements.
Crypto Tony said, "WHEN DOGE PUMPS YOU KNOW ALT SEASON IS HERE OR COMING SHORTLY."
Price Action: At the time of writing, DOGE was trading at $0.076, down 5.38% in the last 24 hours, according to Benzinga Pro.
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