Omkar Godbole, a market analyst, has shared the prediction that Dogecoin's price will soar in the coming weeks after a strong buy signal appeared on the daily chart. Godbole emphasized that a rare event known as a 'Golden Cross', which is the crossover between the 50-day and 200-day exponential moving averages (EMA), has occurred as DOGE recorded a 23.5% increase in the past 30 days.
The last time this buy signal appeared, the leading meme coin surged 300%, from $0.15 to $0.45 in just 45 days. Therefore, DOGE may be on the verge of a breakout at a time when market conditions are extremely favorable.
At the time of writing, Bitcoin (BTC) has just reached a new all-time high of $124,457, while Ethereum (ETH) is just 3.9% below its historical peak of $4,891. Additionally, Solana (SOL) has surpassed the $200 mark for the first time since February.
Dogecoin Price Prediction: Trading Volume Explodes as DOGE Approaches $0.27
The trading volume of DOGE has increased significantly in the past few days. Yesterday, $4 billion worth of tokens were exchanged. This figure accounts for over 11% of the circulating supply, indicating strong buying pressure as the price of DOGE approaches the psychological threshold of $0.25.
Data from CoinMarketCap shows this is the highest trading volume in a day for DOGE since the end of July, when the price rose to $0.27.
The daily chart shows that DOGE is once again aiming for that level and may eventually surpass it as positive momentum accelerates.
The Relative Strength Index (RSI) has risen above the midline and is also above the 14-day moving average.
If there is a bullish breakout above $0.27, this will reinforce the Dogecoin price prediction of $1. This means a potential upside of about 324% for this leading meme coin within the next 3 to 6 months.