Dogecoin Price Surges 4% Following a Golden Cross Signal: Could DOGE Hit $23.40?
The Dogecoin price has surged 4.5% in the last 24 hours, now trading at $0.1297 as of 3:25 a.m. EST on a 3% surge in trading volume to $934 million, pushing the market cap to $18 billion. This surge comes as Kevin, an independent crypto analyst, has spotted a promising signal for Dogecoin (DOGE). He recently mentioned on X that DOGE might see a golden MA cross in the next two to three weeks.
#Dogecoin is 2-3 green weeks away from seeing its first weekly golden cross in 4 years. The last time this occurred #DOGE went parabolic for 6 straight months going up 18,000%. #Altcoins #Crypto pic.twitter.com/Ow8JGMPndB
— Kevin (@Kev_Capital_TA) July 24, 2024
The last time DOGE had such a moving average cross was in May 2021, which led to an incredible price surge of over 18,000% in the next six months—DOGE’s price jumped from $0.003 to $0.75. If the same pattern happens again, DOGE could potentially soar to around $23.40 per coin. This would push its market cap to more than $3.48 trillion, marking a huge milestone for the popular meme cryptocurrency.
Data from IntoTheBlock shows that Dogecoin’s network is seeing more activity. In early 2024, the number of active addresses peaked at around 600,000, which means more people are using and trading Dogecoin.
According to DeFiLlama, Dogecoin’s total value locked (TVL) is $4.35 million, with $2,333 in fees collected in the past 24 hours. The current price is $0.13, and the market cap is $18.603 billion, which is very close to its fully diluted valuation (FDV) of $18.605 billion.
Dogecoin Price Statistics
- Dogecoin price: $0.1297
- Market cap: $18 billion
- Trading volume: $934 million
- Circulating supply: $145 billion
- Total supply: $145 billion
Dogecoin Price May Break Out of the Bearish Channel
The Dogecoin price has been experiencing a steady downward trend, with the bears investing by pushing the price down. All of this is about to end since the bulls are seen to have shown resistance by pulling the price upwards at the support level of $0.1877. This upward trend at the support zone has shown a high probability of the bulls forming a bullish trend.
Dogecoin’s price is showing strong potential for a bullish breakout. The price is rising at the upper end of the bearish trend, giving us hope for a bullish trend ahead. Furthermore, the 50-day simple moving average (SMA) and the 200-day SMA support the probability of a bullish rally ahead as they seem to have been surpassed by the market. Moreover, the 50-day and 200-day SMAs act as the support for the market.
The RSI supports the motive as it is seen to be trending above the 50 midline level below the overbought zone. The moving average convergence divergence (MACD) also reinforces the bullish trend since the blue line appears to have surpassed the orange line. On the other hand, the green bars appear to be increasing in size.
Dogecoin Price Prediction
Despite the current downturn, the bulls are poised for a bull rally. With the current support zone providing a strong platform, the bulls are seen to be aiming at a target price of $0.2524. However, if the bears maintain their momentum, the price could drop to $0.1687. In this case, the sellers will profit.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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