During the last crypto bull market, Dogecoin was a clear leader among altcoins and beat Bitcoin by miles in terms of return on investment (ROI). Dogecoin: Another 25,000% Rally?
Could this old dog be up to it’s same tricks? The meme coin is mere pennies away from triggering a “parabolic” signal that the last time around resulted in a 25,000% gain.
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Why Dogecoin Could Become A Bull-Dog
During the recent bear market, Dogecoin, like many other cryptocurrencies, experienced a significant decline in its value. However, during bull markets, it has historically shown impressive returns. During the last crypto bull run, Dogecoin gained popularity and became the face of meme coins. It was even mentioned several times during Elon Musk's Saturday Night Live performance. Since then, its value has decreased, but according to the Parabolic SAR indicator on the 1M DOGEUSD chart, it may make a comeback soon.
DOGE Closes In On Parabolic Buy Trigger
The Parabolic SAR is a technical indicator developed by J. Welles Wilder, Jr., who also created other tools such as the Relative Strength Index, Average Directional Index, and Average True Range. This tool indicates to traders or investors that the trend has "stopped and reversed" when DOGEUSD tags the Parabolic SAR on the 1M timeframe, which could signify an official change in the market trend.
This is significant because Dogecoin usually indicates that altcoin season is approaching, and when it takes off, the rest of the altcoin market tends to follow suit, as it has historically done so. In the past, a buy signal has only been triggered three times, causing a 500%, 225%, and 25,000% rally, respectively. It remains to be seen if this signal will once again prove to be as reliable as man's best friend.
This chart was originally featured in "Issue #16: Worst Bear Market Ever" of CoinChartist VIP, which is available to subscribe for free.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.