Howling At The Moon: 23,000% Dogecoin Signal Reawakens
Dogecoin holders are howling for the popular meme cryptocurrency to reach “the moon” and they just might get it. That’s because a parabolic technical signal is back that last appeared prior to a stunning 23,000% rally. K...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Dogecoin holders are howling for the popular meme cryptocurrency to reach “the moon” and they just might get it. That’s because a parabolic technical signal is back that last appeared prior to a stunning 23,000% rally.
Keep reading to learn more about the signal and what this could mean for DOGE.
Dogecoin Tags Parabolic SAR: Another 23,000% Surge Ahead?During the last crypto bull market, Dogecoin was on of the standout stars, outperforming Bitcoin, Ethereum, and most other altcoins. Driven by meme mania, stimulation checks, and Elon Musk tweets, DOGE made a lot of people a lot of money.
Prior to the bull run in 2020, the Doge-inspired meme coin spent over three years in a downtrend. Right before the breakout that sent Dogecoin soaring DOGEUSD price action had tapped the 1M Parabolic SAR.
Not even one year after the monthly Parabolic SAR was tagged on the USD trading pair, Dogecoin put in over a 23,000% rally before reaching a peak in 2021.
Can The Parabolic SAR Revive Meme Coin Season Once Again?The Parabolic SAR is a technical indicator designed by J. Welles Wilder, Jr. responsible for creating other popular tools like the Relative Strength Index, Average Directional Index, and Average True Range.
The acronym SAR stands for Stop and Reverse, and the tool’s intention is to tell an analyst when a trend has potentially stopped and reversed.
In 2020, the signal in Dogecoin indeed was the final point before the downtrend stopped and reversed up to new highs. Now that the signal has been triggered again, what type of move might we be able to expect from the meme coin?
As stated, the last time it was tagged DOGEUSD rallied more than 23,000%. The Parabolic SAR was also hit on the 1M timeframe in April 2017 just before another 6,200% rally. An average of the two major rallies suggests a possible 14,600% surge.
However, Elliott Wave Principle points to the first wave of any cycle being similar in magnitude as the final wave – hinting at another 6,200% ROI if an uptrend does materialize from here.
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
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Bitcoin steadies near $82,000 as Warsh declines to signal another Fed hike
Bitcoin's resilience amid market volatility highlights its potential as a hedge against economic uncertainty and shifting monetary...
Strive to sell another $130M of SATS stock to buy more bitcoin
Bitcoin treasury firm Strive wants another $130 million on top of a previously announced $500 million IPO to buy more BTC and grow...
Crypto Analyst Lark Davis: The Bitcoin Bull Run has Begun
Bitcoin Magazine Crypto Analyst Lark Davis: The Bitcoin Bull Run has Begun Bitcoin has been trading sideways in the $80Ks, but Lar...
Bitcoin ETFs Add Just $5M as Ether Loses Another $60M
U.S. bitcoin ETFs eked out a $5.06 million inflow on Thursday, offering only limited relief after another volatile stretch of inst...
Circle minted another ~750 million USDC on Solana in the last 24 hours
Increased USDC minting on Solana may boost its DeFi activity and influence market perceptions of Solana's growth and competitive s...
Hot Inflation Data Puts Bitcoin Under Pressure, but ‘Difficult’ Isn’t ‘Bearish’: CoinShares
Bitcoin Magazine Hot Inflation Data Puts Bitcoin Under Pressure, but ‘Difficult’ Isn’t ‘Bearish’: CoinShares Bitcoin’s price has d...