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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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
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