Dogecoin Is 'Something To Keep An Eye On' For The First Time In Months, Says Trader

Dogecoin Is ‘Something To Keep An Eye On’ For The First Time In Months, Says Trader

1 July 2024

in DOGE

Reading Time: 2 mins read

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Dogecoin DOGE/USD is sitting on the edge of a breakout which could potentially lead to bullish price action in the upcoming weeks, according to prominent traders.

What Happened: Crypto trader Kevin predicted a weekly buy signal for the first time since DOGE was at $0.05. He also sees Dogecoin two weekly green candles away from confirming its first weekly golden cross in four years and notified investors this is “something to keep an eye on.”

The ‘golden cross’ referred to is a technical chart pattern indicating the potential for a major rally. It appears when a short-term moving average crosses above a long-term moving average.

Coinpedia Markets in their latest post predicted that if Dogecoin breaks above $0.1296, it is likely to see a 40-70% surge peaking at $0.21182. Based on historical comparison, DOGE has spiked whenever prices crossed this level. “40% on March 4, 69% on March 28, and 41% on May 2.”

Javon Marks predicts a strong run up for Dogecoin:

Also Read: Is Dogecoin’s 10% Rally The Start Of Something Big?

Why It Matters: Traders’ optimistic outlooks on Dogecoin comes as the meme coin leader has struggled to break out from months of sideways movement.

IntoTheBlock data notes a 9.2% increase in Dogecoin’s daily active addresses while total exchange inflows increased from $4 million to $7.1 million. In the past 24 hours, DOGE is up 2.1% to $0.1251 and 6.4% over the past seven days.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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