Dogecoin price at $0.237 eyes 276% rally to $0.76 as golden cross forms and derivative volumes surge despite today’s 3.59% dip.
Today, August 14, Dogecoin price is down 3.59% to $0.237. This drop is not the only one.
Instead, it reflects the retracing prices in the market as a whole.
A golden cross, however, is still active and suggests a 275% increase in the face of growing derivative volumes.
As Golden Cross Appears, Dogecoin Price Teases 275% Rally
Earlier this week, Dogecoin produced a golden cross.
When this occurs, it is interpreted as an indication that short-term trends favor bullish traders.
Shortly after, a few DOGE whales began to go long, obviously thinking this would happen as it had.
The price of DOGE rose 276% the previous time the cross appeared.
In November 2024, this occurred.
It’s interesting to note that the circumstances are the same as in November.
Bullish enthusiasm was prevalent at the time and continues to be so today.
The price of Dogecoin may soar by another 276% if history repeats itself and the crossover has the same effect as it did the previous year.
The cost will therefore drop to $0.769. It will reach a record high at this time.
It matters only until buyers truly react to the golden cross and begin to load up.
There is currently some hesitancy since the Relative Strength Index (RSI) has been fluctuating up and down without any clear direction.
That indicates that other people are looking for a chance besides purchasers.
Additionally, sellers are searching for their moment.
This thesis demonstrates that the Dogecoin price path will rise in the foreseeable future.
A long-term Dogecoin price prediction, however, might yield considerably greater profits.
Volumes Of DOGE Derivative Trading Soar
Futures traders are not falling behind, even when some dealers purchase Dogecoin on the spot market to hold.
They are trading in futures markets in enormous numbers.
CoinGlass data shows they have surpassed $10 billion in the past 24 hours.
There is not much leeway for traders to make mistakes on the futures market.
Consequently, the fact that they are dabbling with Dogecoin indicates that demand is considerable and that the price is poised to rise.
In addition to the 31% increase in volumes, the financing rate indicates that longs are in control.
Longs are not standing down when there is a sudden spike in this rate. To keep their jobs, they are prepared to pay more.
In conclusion, the price of Dogecoin may be volatile today, but bulls are unrelenting.
They are optimistic that the golden cross might yield a gain of 275%, just as it did the previous year.
DOGE may reach a record high if this occurs.
