Dogecoin traders are predicting a 180% price rally, with potential targets at $0.65 and $1, if Bitcoin's gains continue. This prediction is based on a bullish MACD crossover on Dogecoin's weekly chart, which has previously led to significant price breakouts.
Key Factors Driving the Prediction:
Strong Market Demand: Dogecoin's 38% surge in May reflects strong market demand, with spot-buyer volumes taking charge since March.
Bullish MACD Crossover: A bullish MACD crossover has traders predicting a significant rally, similar to previous breakouts in January 2024 and September 2024.
Correlation with Bitcoin: Historically, Dogecoin and Bitcoin share a strong correlation, meaning BTC's movements often dictate DOGE's trajectory ¹ ².
Market Sentiment:
Increased Buying Activity: Dogecoin's spot taker 90-day cumulative volume delta indicates more aggressive buying than selling, a pattern last seen in November 2024.
Optimistic Holder Sentiment: Long-term holder net unrealized profit/loss has crossed 0.5, turning to optimistic sentiment and reducing the likelihood of selling ².
