A trader who called the end of Bitcoin’s (BTC) 2018 bear market says that one momentum indicator is giving off a bullish reading for top meme crypto asset Dogecoin (DOGE).
Pseudonymous analyst Bluntz tells his 242,300 followers on the social media platform X that the Dogecoin versus Bitcoin pair (DOGE/BTC) is flashing a strong bullish reversal signal on the weekly chart.
“I was kind of avoiding DOGE because I thought it wouldn’t do anywhere near the multiples I thought WIF would do BUT……. thats a loooooottttt of weekly bull divergence on the DOGE/BTC weekly.
Might have to get a bag afterall.”
A bullish divergence often signals that an asset’s bulls have begun to gain momentum even as the price trend remains down or sideways.
At time of writing, DOGE/BTC is trading for 0.0000023 BTC ($0.14).
The analyst is also keeping a close watch on the native asset of the decentralized storage network Filecoin (FIL). According to Bluntz, it’s still early days for FIL as the altcoin trades within its multi-year accumulation range.
“Finally starting to see some action again on FIL, beautiful weekly candle here.
All in all, it’s still in a huge accumulation range despite being up, definitely still early for this one.”
At time of writing, FIL is worth $9.05, up over 9% in the last seven days.
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Generated Image: Midjourney