Dogecoin (DOGE) Price Poised For 10x Rally in Next 2-3 Weeks
Release: 2024/07/25 14:34 Reading: 732
Dogecoin (DOGE) Primed for a 10x Rally
Dogecoin (DOGE) is poised for a potential surge in value, signaled by the formation of a "golden cross" technical pattern. This bullish trend has been supported by Ferrari's acceptance of Dogecoin as a payment option in Europe, which is likely to fuel demand and increase its worth.
Dogecoin's Golden Cross
Crypto analyst Kevin predicts the golden cross pattern could emerge within the next 2-3 weeks. The last time DOGE experienced a golden cross, in early 2021, it preceded an impressive 18,000% rally. Should history repeat itself, DOGE could experience a similar surge, potentially reaching $23.40 per coin and a market capitalization exceeding $3.48 trillion.
Bullish Momentum
The golden cross forms when a shorter-term moving average (50-week SMA) crosses above a longer-term moving average (200-week SMA). This indicates a potential shift in market sentiment, suggesting a transition from bearish to bullish momentum. The Vigor Index (RVGI) also supports this bullish sentiment, indicating a shift in price momentum.
Current Market Performance
Dogecoin's recent performance has been positive, with a 7.1% gain over the past week. However, large transaction volumes and daily active addresses have declined. Additionally, approximately $3.14 million in Dogecoin positions were liquidated within the last 24 hours.
At the time of writing, Dogecoin is trading at $0.144, slightly lower than its recent high. The Relative Strength Index (RSI) remains at 49, suggesting a neutral market sentiment.
Conclusion
The potential golden cross is a significant technical indicator that could signal a major rally for Dogecoin. While past performance does not guarantee future results, investors should be aware of the possibility of a significant price increase. However, it's important to note that market conditions and sentiment can also influence the outcome.
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