Potential Correction Looms for Dogecoin Amid Rising Meme Coin Frenzy

Dogecoin (DOGE) has experienced a notable surge over the past six days, hitting a peak of $0.147 during Saturday’s trading session.
Although there is potential for more gains, traders and investors may need to exercise caution due to a potential short-term technical warning.
Crypto analyst Ali
noted
that the TD Sequential indicator, which is used to identify possible trend exhaustion and price reversals, has signaled a sell alert on
Dogecoin’s
daily chart.
This suggests a brief correction may occur before DOGE possibly continues its upward trend. The recent spike in Dogecoin’s price has been fueled by renewed speculative trading and growing interest.
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Additionally, data from Santiment highlights a significant increase in discussions around meme coins this week. Traders are increasingly engaging in speculative trades with high leverage on meme coins as Bitcoin approaches the $70,000 mark, driving these discussions to their highest levels since May.
This heightened social activity is mirrored in Dogecoin’s performance, which has risen by 31.18% over the week.