Market analyst Omkar Godbole predicts a sharp rise in Dogecoin’s price over the coming weeks after a strong buy signal appeared on the daily chart. Godbole pointed out a rare phenomenon known as a "golden cross," which is a crossover between the 50-day and 200-day exponential moving averages (EMA), with Dogecoin having risen by 23.5% over the past thirty days.
The last time this buy signal appeared, the value of the leading cryptocurrency rose by 300%, from $0.15 to $0.45 in just 45 days. Therefore, DOGE's price may be on the verge of exploding at a time when market conditions are highly favorable.
At the time of writing this report, Bitcoin (BTC) reached a new all-time high of $124,457, while Ethereum (ETH) is only down 3.9% from its all-time high of $4,891. Furthermore, Solana (SOL) surpassed the $200 mark for the first time since February.
Dogecoin Price Forecast: Huge Trading Volume as Dogecoin Approaches $0.27
The trading volume of DOGE has seen a significant increase over the past few days. Yesterday, tokens worth $4 billion were traded. This represents over 11% of the circulating supply, indicating strong buying pressure as the price of DOGE approaches the psychological level of $0.25.
CoinMarketCap data shows this is the highest daily trading volume for DOGE since late July, when the price rose to $0.27.
The daily chart shows that DOGE is targeting this level again and may eventually surpass it as positive momentum increases.
The Relative Strength Index (RSI) has risen above the midpoint and is also above the 14-day moving average.
If a bullish breakout occurs above $0.27, it would reinforce the Dogecoin price forecast of one dollar. This implies a potential increase of approximately 324% for the leading meme coin over the next three to six months.
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