The post Dogecoin (DOGE) Price Poised For 10x Rally in Next 2-3 Weeks appeared first on Coinpedia Fintech News
Dogecoin (DOGE) is on the cusp of a potentially massive bullish breakout, thanks to the formation of a “golden cross” technical pattern. Dogecoin’s potential boost also comes from Ferrari’s acceptance of cryptocurrency payments, including Dogecoin, in Europe, which could drive demand and increase its value.
Let’s take a deeper look at Dogecoin’s price prediction.
Dogecoin to Rally 18000%, How?
#Dogecoin is 2-3 green weeks away from seeing its first weekly golden cross in 4 years. The last time this occurred #DOGE went parabolic for 6 straight months going up 18,000%. #Altcoins #Crypto pic.twitter.com/Ow8JGMPndB
— Kevin (@Kev_Capital_TA) July 24, 2024
Crypto analyst and trader Kevin predicts this pattern could emerge for DOGE within the next 2-3 weeks, marking the first golden cross for the cryptocurrency in over three years.
The last time Dogecoin experienced a golden cross was in early 2021, which preceded an incredible 18,000% surge in price, climbing from $0.003 to $0.75. If history repeats, DOGE could see a similar meteoric rise, potentially reaching $23.40 per coin and a market cap exceeding $3.48 trillion. Although past performance does not guarantee future results, the possibility of another golden cross has excited the DOGE community.
Understanding the Golden Cross
The golden cross occurs when a shorter-term moving average (50-week SMA) crosses above a longer-term one (200-week SMA), signaling a potential bullish trend. For Dogecoin, this upcoming golden cross—its first in over three years—could indicate the start of a significant price rally, based on past performance and momentum trader strategies.
Vigor never lies about #Dogecoin.The Vigor Index (RVGI) measures the strength and direction of price momentum. When the RVGI crosses from low levels, it indicates:1. Momentum Shift: A transition from bearish to bullish momentum.2. Strong Signal: If RVGI crosses above its… pic.twitter.com/f3hAdGzFnq
— Astro (@Astro1062) July 24, 2024
However, some market participants view such dramatic growth as unlikely due to the maturing crypto landscape and Dogecoin’s current market cap. Despite this, momentum indicators, such as the Vigor Index (RVGI), suggest a shift from bearish to bullish, indicating increasing buying pressure.
Current Market Performance
Recent data shows that Dogecoin’s performance has been positive, with a 7.1% gain over the past week. However, large transaction volumes have dropped by 42.5%, daily active addresses by 7.5%, and exchange net flows by 115.5%. Additionally, $3.14 million in Dogecoin positions were liquidated in the past 24 hours.
Dogecoin is trading at $0.144, down 4.68% in the last 24 hours, as the crypto market faces selling pressure. The Relative Strength Index (RSI) is currently at 49, suggesting a neutral market sentiment and providing a balanced view for buyers and sellers.
As the market watches closely, the potential golden cross could signal a significant rally for Dogecoin, but investors should also consider broader market conditions and sentiment.
Is Dogecoin ready to take off? Let us know your take.
