Dogecoin (DOGE), the leading meme cryptocurrency, recently faced a downturn, dropping from over $0.185 to $0.135 in ten days. However, it has started to bounce back, currently trading at $0.145.

According to analyst Ali Martinez, a buy signal has emerged via the TD Sequential indicator, suggesting the price might soar by over 100% as seen in previous instances. If this happens, DOGE could potentially reach $0.30, a level it hasn’t seen for two months.

“TD Sequential just flashed a buy signal for Dogecoin @DOGE! The previous one led to a 101.50% rebound.”
— Ali (@ali_charts)
Translation: TD Sequential just indicated to buy Dogecoin! The last such signal resulted in a rebound of 101.50%.

To realize this increase, DOGE must overcome significant resistance points, as per another analyst identified as CW, who pointed out that the initial challenge lies at the sell wall priced at $0.163. If this level is breached, subsequent resistance levels at $0.185 and $0.195 would come into play.

“The sell wall for @DOGE exists at $0.163”
— CW (@CW8900)
Translation: The sell wall for Dogecoin is present at $0.163.

Conversely, if DOGE drops below the critical support at $0.14, it may plummet further, targeting $0.07, a price point not seen in over eighteen months.

On a brighter note, the cryptocurrency will soon have a spot exchange-traded fund (ETF) reflecting its performance, as Eric Balchunas, an ETF expert at Bloomberg, confirmed that Grayscale’s Trust would convert into a spot ETF, set to be listed on the New York Stock Exchange shortly.