As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have witnessed numerous price movements and trends throughout my career. The recent surge in Dogecoin’s price to $0.14, representing a 19% increase in seven days, is an intriguing development.
DOGE is now trading at $0.14, up 19% in seven days.
Over the last nine days, individuals owning between 10 and 100 million Dogecoin (DOGE) have collectively sold away approximately 400 million DOGE, equating to a total value of around $44.8 million. This substantial selling pressure has significantly influenced the price fluctuations of Dogecoin.
As a financial analyst, I’ve observed that Dogecoin (DOGE) and other alternative coins such as Ethereum (ETH), Ripple (XRP), and Solana experienced significant gains in the wake of the recent market recovery.
Death cross vs. golden cross
As a market analyst, I’ve noticed an ominous development in Dogecoin’s daily price trend: a death cross has materialized. This occurs when the 50-day moving average dips beneath the 200-day moving average. Historically, this technical indicator has foreshadowed potential bearish momentum for the asset.
Instead of that, consider this: Contrastingly, the four-hour timeframe presents a “golden cross” formation. This occurs when the brief moving average surpasses the longer moving average, potentially indicating an upcoming short-term price increase.
In the realm of technical analysis, a death cross indicates impending price decreases, whereas a golden cross signifies an upcoming price rise.
In spite of the pessimistic view suggested by the daily chart, the four-hour chart indicates a possible uptick in Dogecoin’s price with its formation of a golden cross.
Price prediction
Discussions abound about Dogecoin reaching its previous peak price of $0.73 once more, given its recent surge to $0.14. This upward trend comes after the coin broke free from a descending triangle pattern.
Dogecoin’s open interest during July experienced a significant increase of 19%, reaching a value of $647.19 million. This substantial growth suggests a robust market sentiment, with the “Greed” score climbing from 33 to 74. The Global In/Out of the Money (GIOM) indicator reveals that approximately 35.27 billion Dogecoins have been bought between the prices of $0.105 and $0.114. Consequently, there is a potential risk of $4 billion if the Dogecoin price drops below $0.105.
As a crypto investor, I keep a close eye on technical indicators to help guide my investment decisions. One indicator that signals bearish momentum in the daily timeframe is the “death cross,” where the shorter-term moving average crosses below the longer-term one. On the other hand, a “golden cross” occurring in the four-hour chart can be an indication of potential short-term gains, as the shorter-term moving average moves above the longer-term one.
Dogecoin‘s year-to-date return of over 78% speaks well of the meme coin.
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2024-07-23 02:37