Dogecoin Primed for 18,000% Surge, Says Analyst
NAIROBI (CoinChapter.com) — Independent crypto analyst Kevin has identified a potentially bullish technical indicator for Dogecoin (DOGE). In a recent post on X, the analyst highlighted the possibility of a golden cross emerging for DOGE within the next two to three weeks.
The last golden cross for DOGE occurred in May 2021, which preceded a remarkable half-year price surge of over 18,000%. DOGE climbed from $0.003 to a peak of $0.75 per coin. If history were to repeat itself with the emergence of another golden cross, DOGE could potentially reach a price of approximately $23.40 per coin.
This would translate to a market capitalization exceeding $3.48 trillion, a significant milestone for the popular meme cryptocurrency.
Breakout from Wedge Pattern Suggests Further Gains for Dogecoin
Ali, recently analyzed Dogecoin’s (DOGE) price movements and noted a bullish outlook. He observed that DOGE has broken out of a wedge pattern, indicating an upside target of 44%. This pattern suggests a potential reversal in the cryptocurrency’s price trend.
According to Ali, this breakout could propel DOGE to higher levels, reflecting a notable bullish sentiment in the market.
As of July 25, Dogecoin was trading near $0.128, marking a 1.79% increase over the past day.
The DOGE USD daily chart from TradingView shows the 20-day SMA ($0.12) starting to turn upward and the Relative Strength Index (RSI) in positive territory, indicating a slight edge for the bulls. If the bounce off the 50-day SMA holds, bulls may push the DOGE/USDT pair to $0.15 and subsequently to $0.18.
However, if the 50-day SMA fails to hold, it would signal that the bears have overpowered the bulls. In this scenario, the pair might drop to the 20-day SMA, which is expected to act as a support level. A break below this support could tilt the advantage in favor of the bears.
Dogecoin’s On-Chain Metrics Signal Bullish Momentum
Data from IntoTheBlock shows an increase in Dogecoin’s active and new addresses, highlighting growing network participation. In early 2024, active addresses peaked at around 600,000, indicating heightened user engagement and transaction activity.
Dogecoin’s exchange volume data reveals heavy trading activity, especially in the $0.12 to $0.20 price range. This indicates high liquidity and potential price volatility.
According to data from DeFiLlama, Dogecoin’s total value locked (TVL) stands at $4.35 million, with $2,333 in fees generated over the past 24 hours. The current price is $0.13, and the market cap is $18.603 billion, closely matched by the fully diluted valuation (FDV) of $18.605 billion.
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