DogeCoin price may see a hike on the charts very soon as the analyst Trader Lenny believes that it has the potential to trigger altseason.
The Dogecoin (DOGE) is recognized as the coin which made numerous swift rises in its history. Moreover, it is also being recognized as the initiator for the probable altseason as it is the first major alternate coin that began its rapid rise.
On the basis of similarities with the prior movements, it seems that Dogecoin has initiated its long-term upward movement. Though, the short-term falls in the form of retracement can happen before Dogecoin reaches the new highs.
DogeCoin price and altseason
The crypto analyst @TraderLenny reiterated the fact that DogeCoin price has started moving upwards after getting close to the major support level.
Remember that one alt coin that was supposed to be the leading alt season indicator?
It just started moving. pic.twitter.com/kjdDgy9sYk
— Lenny (@TraderLenny) October 17, 2019
So, the question is whether this rise is the start of a new trend and a possible new start of altseason or just a botched upward movement, like the previous moves?
Firstly, whenever the RSI indicator was oversold, the price of DOGE increased from one-hundred and forty percent to one-thousand one hundred and thirty percent (140%-1130%). As the RSI indicated the oversold values in the month of August, so, it can be assumed that it touched the temporary bottom.
While comprehending the moving averages, it can be witnessed that a bullish cross between the ten and twenty week moving averages will soon happen.
Previously, when moving averages created a bullish cross, it was in September 2018, just before starting a rapid increase. This price movement is irrespective of the Bitcoin price movement that has the major market trend.
In case the MACD crosses the 0 line, which has not to happen in 2019, then it could serve as a possible confirmation. Although, the volume still is low, especially for the probable initiation of an upward movement.
However, there still are three more days left before the weekends, though it is not expected to pick up, particularly on weekends.