Dogecoin (DOGE) Trader Plans to Hold Meme Crypto Until Mar. 24, Anticipating a Major Pump

A widely followed cryptocurrency trader plans to hold onto their Dogecoin (DOGE) until Mar. 24, anticipating a significant pump in the value of the world's largest meme cryptocurrency.

A widely followed cryptocurrency trader plans to hold onto their Dogecoin (CRYPTO: DOGE) until Mar. 24, anticipating a significant pump in the value of the world’s largest meme cryptocurrency.

What Happened: Chandler, who is known for analyzing chart patterns and predicting the next moves for cryptocurrencies, shared their investment thesis for Dogecoin.

“March 24 is the 0.236 Fib Time Zone. Historically, it has shown nice pumps in both Bitcoin and DOGE,” the trader noted.

Chandler had previously stated that the “best time” to sell DOGE is a week or two after it crosses the 0.236 Fib time zone.

March 24 is the 0.236 Fib Time Zone. Historically, it has shown nice pumps in both #Bitcoin and $DOGE.https://t.co/6l4bBXQkAE

Fibonacci time zones are vertical lines that indicate probable swing highs, lows, or reversal points on a chart. They are time-based indicators, and the vertical lines correspond to the Fibonacci sequence.

Ali Martinez, another prominent cryptocurrency analyst, projected that a surge in key on-chain indicators like daily active addresses, transactions, and whale activity could “signal” the start of a fresh DOGE rally.

#Dogecoin $DOGE activity has been steady, with daily active addresses, transactions, and whale movements at key levels. A surge in these metrics could signal the start of a new leg up! pic.twitter.com/dBCd6FrG5b

See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap

The bullish projections, however, contrasted with bearish signals from some popular technical indicators.

The Moving Average Convergence Divergence, which compares two exponential moving averages of price, flashed a “Sell” signal for DOGE, according to data from TradingView.

Moreover, nearly all of its exponential and simple moving averages suggested a “Strong Sell.”

Things also appeared bearish in the derivatives market. More than 50% of traders were short on DOGE futures, as of this writing, according to Coinglass.

Price Action: At the time of writing, DOGE was trading at $0.2523, down 6% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has declined over 22%.

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