Dogecoin News Today: Dogecoin Golden Cross and Derivatives Surge Signal 275% Potential Gain

Dogecoin is drawing renewed attention in the cryptocurrency market following the formation of a golden cross—a technical indicator often linked to bullish momentum. This development, coupled with a surge in derivative trading volumes and accumulation by large holders, has led to speculation that the price could rise by as much as 275%, mirroring a historical rally seen in November 2024[1]. As of August 14, DOGE was trading at $0.237, reflecting a 3.59% decline for the day, though analysts suggest this dip may represent a retracement rather than a reversal of the broader uptrend[1].

The golden cross occurs when a short-term moving average crosses above a long-term moving average, and in the case of Dogecoin, this pattern has historically signaled a shift in momentum toward buyers. If the current golden cross follows the same trajectory as in November 2024, it could potentially push Dogecoin’s price toward $0.769, a level that would mark a new all-time high[1]. On-chain data also shows that whale addresses have acquired more than 1 billion DOGE since August 10, indicating growing institutional and large investor interest in the asset[1].

Derivatives data underscores the optimism, with 24-hour trading volumes for Dogecoin derivatives exceeding $10 billion and funding rates showing a clear preference for long positions[1]. This suggests that traders are willing to pay higher costs to maintain bullish exposure, reinforcing the idea that the market is actively building for an upward move. However, the relative strength index (RSI) remains in a neutral range, fluctuating without a definitive directional bias, indicating that both buyers and sellers are waiting for a breakout to confirm the trend[1].

While the core Dogecoin team, including Billy Markus, has maintained a no-speculation stance, the market is interpreting whale accumulation and derivatives activity as signs of confidence in the coin’s future performance. Institutional interest appears to be growing, with large-scale trading activity reported on major exchanges[1]. Analysts highlight that the current scenario aligns with past golden cross patterns, suggesting favorable market conditions and the possibility of a significant price increase if the bullish momentum continues[1].

Despite the technical and market signals pointing to a potential upswing, traders remain in a state of cautious anticipation, waiting for sustained buying pressure to confirm the trend before committing to larger positions[1]. The golden cross remains a key focal point in the broader market narrative, with many observers closely monitoring whether Dogecoin can follow the same trajectory as in November 2024[1].

Source:

[1] Will Dogecoin Price Soar 275% as Golden Cross Aligns with Soaring Derivative Volumes – [url] https://coingape.com/markets/will-dogecoin-price-soar-275-as-golden-cross-aligns-with-soaring-derivative-volumes/