- Dogecoinโs price charts flash a bullish Golden Cross pattern.
- The last time this occurred, a 7,000% run took off for Dogecoin.
- XRP slides to #7 in crypto charts as DOGE takes 6th place.
Dogecoin (DOGE) has been immersed in a massive rally, surpassing several popular altcoins. Its recent run past Ripple (XRP) puts Dogecoin at a whopping $55 billion market cap, supported by a hefty 24-hour volume of $45.69 billion across all Spot markets. Meanwhile, XRP inked 16.9% gains but is already trailing DOGE by $16 billion.
What Dogecoinโs Golden Cross Tells Us
During the impressive DOGE price action, a golden cross has been established, which occurs when a short-term moving average (MA) crosses above a long-term moving average.
According to a macro contrarian economist, Miky Bull, this Golden Cross setup on both 4-hour and one-day charts allows Dogecoinโs price to set $0.71 as the next target. Mikyโs first target for the top dog coin is extremely close to DOGEโs current all-time peak at $0.7316, hit on May 8, 2021. Additionally, the pundit believes a sustainable step above this range could send DOGE up to $3.16.
Dogecoin Doubles Up from Yearly Peak
With todayโs explosive trading volume of $45,695,876,544, Dogecoinโs Proof of Work (PoW) chain is the most used chain aside from Bitcoin (BTC) and Ethereum (ETH). It serves as a substantial use case for the canine coin, originally started as a joke in 2013.
After breaking the multi-year price downtrend upon the U.S. elections-infused crypto bull run, Dogecoinโs price nearly doubled the yearly peak of $0.22, hit on April 1, 2024. The altcoin briefly soared to $0.4346 at 11 AM on November 12, 2024, before returning to $0.35 in the evening.
Seasoned crypto analysts like Ali Martinez believe Dogecoinโs next price target is far beyond $1. To illustrate, Ali sets the initial DOGE price goal at $2.40, representing the middle boundary of the current breakout channel in Aliโs latest technical analysis. If that plays out, even a surge to $18 wouldnโt strike as a surprise, argues Martinez.
On the Flipside
- The monumental rally to tackle $0.43 came with an abnormality on Derivatives markets.
- The anomaly underlies that long liquidations outscored the short-sellers from $65.8 million to $64.6 million.
- Ultimately, this implies that traders on Derivatives tend to use high levels of leverage and are eager for a bigger reward.
Why This Matters
Dogecoinโs rise to prominence comes in the form of a genuine adoption case with tens of billions in trades every day, accompanied by a meme coin-characteristic social hype.
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