Dogecoin is showing early signs of a potential reversal following weeks of downward movement. Analysts noted a buy signal on its chart, suggesting a possible recovery.
Buy Signal for Dogecoin
Crypto analyst Ali Martinez highlighted a new buy signal for Dogecoin using the TD Sequential indicator on TradingView. The tool signaled a '9' buy setup on the 4-hour chart following a prolonged decline.
Large Withdrawal Reflects Investor Confidence
On-chain tracking platform Nansen reported a significant Dogecoin withdrawal in the past 16 hours. Data showed that a newly created wallet withdrew 32.9 million DOGE, worth $6.96 million, from Binance. Analysts explained that large withdrawals often indicate accumulation or transfer into cold storage.
Current Dogecoin Price
At the time of reporting, Dogecoin traded at $0.2191, marking a 3.27% increase over the past 24 hours.
Despite recent price declines, the large withdrawal data and buy signals may indicate investor confidence in Dogecoin's future.
