- Crypto trader Chandler is holding onto Dogecoin (DOGE) until March 24, citing the 0.236 Fibonacci Time Zone, which historically signaled price pumps for both Bitcoin and DOGE.
- On-chain data shows strength, with daily active addresses, transaction volume, and whale activity increasing, suggesting a potential rally, according to analyst Ali Martinez.
- Bearish indicators remain, with the MACD flashing a sell signal, most moving averages showing strong sell pressure, and over 50% of DOGE futures traders holding short positions, raising concerns about further downside.
A well-known crypto trader is holding firm on Dogecoin (DOGE), banking on a significant price surge by March 24. The trader, Chandler, has built a following for charting market moves and making bold predictions. And this time, they’re placing their faith in Fibonacci time zones—specifically, the 0.236 Fib Time Zone, a level that, according to past patterns, has triggered major pumps in both Bitcoin and DOGE.
Why March 24?
In a recent post, Chandler laid out their strategy, explaining why they plan to hold DOGE until at least March 24. They believe history repeats itself, and past price action suggests that the best time to sell DOGE is one to two weeks after breaking the 0.236 Fib level.
“March 24 is the 0.236 Fib Time Zone. Historically, it has shown nice pumps in both Bitcoin and $DOGE,” Chandler wrote.
This Fibonacci time-based indicator, unlike price-focused Fib retracements, maps potential reversal points on a timeline. The idea? DOGE could hit a high shortly after March 24 before facing the 0.382 Fib Time Zone in October, which Chandler believes could mark the start of a bear market.
On-Chain Metrics Point to Strength
Adding to the bullish outlook, Ali Martinez, another top analyst, pointed out that on-chain activity is showing strength. Daily active addresses, transaction volume, and whale movements are all holding at key levels, hinting at a potential DOGE rally.
“A surge in these metrics could signal the start of a new leg up!” Martinez noted.
If whale accumulation increases, it could inject serious buying pressure into DOGE, accelerating the move toward higher price targets.
The Bearish Counterpoint: Not Everyone Is Bullish
Despite all the optimism, some technical indicators are flashing red.
- The Moving Average Convergence Divergence (MACD), which measures momentum shifts, issued a “Sell” signal for DOGE.
- Nearly all exponential and simple moving averages suggest a strong sell, according to TradingView data.
- In the derivatives market, more than 50% of DOGE futures traders are shorting the asset, per Coinglass.
Price Action
As of now, DOGE is trading at $0.2523, down 6% in the last 24 hours and showing a 22% decline year-to-date. While bulls are watching March 24 closely, the bearish signals from key indicators suggest it won’t be a smooth ride.
So, will history repeat itself, or will the market prove the optimists wrong? DOGE holders have a few more weeks to find out. 🚀
