Certified market technicians are issuing buy signals - Dogecoin price prediction turns bullish, aiming for $1.
Market analyst Omkar Godbole shared a bullish prediction for Dogecoin's price, believing that after a strong buy signal appeared on the daily chart, the token will experience explosive growth in the coming weeks.
Godbole is a Certified Market Technician (CMT) and emphasizes that a rare event known as a 'golden cross' has occurred, where the 50-day and 200-day exponential moving averages (EMA) have crossed, as DOGE has risen 23.5% in the past 30 days.
The last time this buy signal appeared, the top meme coin surged 300% in just 45 days, rising from $0.15 to $0.45.
Therefore, when market conditions are extremely favorable, DOGE could explode.
As of the time of writing, Bitcoin (BTC) has just set a new all-time high, reaching $124,457, while Ethereum (ETH) is only 3.9% below its historic peak of $4,891. Additionally, Solana (SOL) has broken the $200 mark for the first time since February.
Dogecoin price prediction: As Dogecoin's price nears $0.27, trading volume is set to surge.
DOGE's trading volume has surged significantly in the past few days. Yesterday, the token's trading volume reached $4 billion, accounting for more than 11% of its circulating supply, highlighting the strong buying pressure DOGE faces as it approaches the psychological level of $0.25.
Data from CoinMarketCap shows that this is the highest daily trading volume for DOGE since the end of July when the price rose to $0.27.
The daily chart shows that DOGE is once again focusing on this level and may eventually break through it as positive momentum accelerates.
The Relative Strength Index (RSI) has risen above the midpoint and exceeded the 14-day moving average.
If it breaks through $0.27, it will support Dogecoin's price prediction of $1. This means that the upside potential of this top meme coin is about 324% over the next 3 to 6 months.
