Dogecoin Could See Massive Surge of 18,000%, Predicts Analyst
A prominent crypto analyst named Kevin has pointed out a positive technical signal for Dogecoin (DOGE). In a recent post, Kevin highlighted the potential for a golden cross to occur for DOGE in the next two to three weeks.
The last golden cross for DOGE happened in May 2021, leading to an impressive price surge of over 18,000% in just six months. The price of DOGE skyrocketed from $0.003 to a peak of $0.75 per coin. If history repeats itself with another golden cross, DOGE could potentially reach a price of around $23.40 per coin, pushing its market capitalization above $3.48 trillion.
Additionally, analyst Ali recently examined DOGE’s price movements and saw a bullish trend. He noted that DOGE has broken out of a wedge pattern, suggesting a 44% upside target and hinting at a possible reversal in the cryptocurrency’s price trajectory.
As of July 25th, Dogecoin was trading close to $0.128, with a 1.79% increase over the previous day. The daily chart shows positive indicators like the 20-day SMA turning upward and the RSI in positive territory, giving an advantage to the bulls. If the bounce off the 50-day SMA holds, the DOGE/USDT pair could reach $0.15 and then $0.18.
However, a failure to hold the 50-day SMA would indicate bearish control. In such a scenario, the pair might drop to the 20-day SMA, expected to act as a support level. A break below this support could shift the advantage to the bears.
On-chain metrics for Dogecoin signal a bullish momentum, with an increase in active and new addresses showcasing growing network participation. The exchange volume data also points to heavy trading activity, particularly in the $0.12 to $0.20 price range, suggesting high liquidity and potential price volatility.
According to DeFiLlama data, Dogecoin’s TVL is at $4.35 million, with $2,333 in fees generated over the last 24 hours. The current price stands at $0.13, with a market cap of $18.603 billion, closely matched by the FDV of $18.605 billion.