Dogecoin is poised for an incredible surge of 18,000%, according to an analyst. Kevin, an independent crypto analyst, has pinpointed a promising technical indicator for Dogecoin (DOGE) that could lead to a golden cross formation within the next two to three weeks.
In a recent post on X, Kevin highlighted the potential for a golden cross for DOGE, a trend that previously occurred in May 2021. This previous golden cross resulted in an astonishing price surge of over 18,000%, taking DOGE from $0.003 to a peak of $0.75 per coin. If history repeats itself and another golden cross emerges, DOGE could potentially reach a price of approximately $23.40 per coin, leading to a market capitalization exceeding $3.48 trillion.
Additionally, another analyst named Ali has analyzed DOGE’s price movements and noted a bullish trend. Ali observed that DOGE has broken out of a wedge pattern, suggesting an upside target of 44% and a potential reversal in the cryptocurrency’s price trend. This breakout could push DOGE to higher levels, reflecting a positive sentiment in the market.
As of July 25, Dogecoin was trading near $0.128, representing a 1.79% increase over the past day. The daily chart from TradingView shows the 20-day SMA starting to turn upward, with the RSI in positive territory, giving bulls a slight edge. If the bounce off the 50-day SMA holds, the DOGE/USDT pair could reach $0.15 and potentially $0.18.
However, if the 50-day SMA fails to hold, it could signal bearish dominance. In this scenario, the pair might drop to the 20-day SMA, acting as a support level. A break below this support could shift the advantage to the bears.
On-chain metrics for Dogecoin show bullish momentum, with an increase in active and new addresses, indicating growing network participation. Data also reveals heavy trading activity in the $0.12 to $0.20 price range, suggesting high liquidity and potential price volatility. Dogecoin’s total value locked stands at $4.35 million, with $2,333 in fees generated over the past 24 hours. The current price is $0.13, with a market cap of $18.603 billion, closely matching the fully diluted valuation of $18.605 billion.