Dogecoin created a golden cross earlier this week. When this happens, it is interpreted as a signal that short-term trends are leaning towards bullish traders. Shortly after, some DOGE whales began to go long, with the clear hope that this would develop as before.
The last time the cross appeared, the price of DOGE skyrocketed by 276%. This happened in November 2024. Interestingly, it is now occurring under the same conditions as in November. At that time, bullish sentiment was high, and this is still the case currently.
If history repeats itself and the cross has the same impact as last year, the price of Dogecoin could rise again by 276%. This means the price will reach $0.769. At that point, it will hit an all-time high.
The golden cross will only matter if buyers actually react and start buying. Currently, there is some uncertainty, as the RSI has been fluctuating without a clear direction. This indicates that buyers are not the only ones looking for an opportunity. Sellers are also out there waiting for their moment.
Even when some traders choose to buy Dogecoin on the spot market to hold it, futures traders are not falling behind. The volumes traded in the derivatives markets are enormous. In fact, they have exceeded $10 billion in the last 24 hours, according to data from Coinglass.
In the derivatives market, traders have little room for maneuver. Therefore, when testing Dogecoin, there is high interest and a price poised to rise.
In addition to the 31% increase in volume, the funding rate shows that long positions dominate. This rate has just experienced a strong increase, and when this happens, long positions do not withdraw. They are willing to pay more to maintain their positions.
In summary, the price of Dogecoin could be unstable today, but the bulls are relentless. They are confident that the golden cross could achieve the same 275% gain as last year. If this happens, DOGE could reach an all-time high.
