Cryptocurrency Analyst Predicts Potential Surge for Dogecoin (DOGE) Following XRP’s Explosive Rally
In a recent strategy session, renowned crypto analyst Michaël van de Poppe shared his insights on Dogecoin (DOGE), suggesting that the popular memecoin could replicate the impressive rally witnessed by XRP last week. Van de Poppe, with a substantial following of 162,000 subscribers on YouTube, highlighted the similarities in market structures between DOGE and XRP before the latter experienced a significant surge.
The explosive performance of XRP, which saw it soar by a remarkable 73% in less than 24 hours following Judge Analisa Torres’ ruling that Ripple’s open market sales of XRP were not securities, serves as a promising indicator for Dogecoin. By overlaying XRP’s 12-hour chart with Dogecoin’s line chart, Van de Poppe effectively demonstrated the striking resemblance between the two cryptocurrencies’ market structures.
According to the crypto trader, if Dogecoin continues to follow XRP’s trajectory, there is a potential for the leading memecoin to surge by an impressive 157% from its current price level. Van de Poppe boldly stated, “We’re on the edge of witnessing a potential rally that could push DOGE to approximately $0.15 to $0.18.”
At the time of writing, Dogecoin is currently trading at $0.07, displaying a marginal increase over the past 24 hours. Van de Poppe’s analysis not only revolves around Dogecoin but also encompasses the overall crypto market sentiment, particularly focusing on the total market capitalization of all crypto assets (TOTAL).
Van de Poppe closely monitors the TOTAL chart, which appears to be on the verge of a significant breakout as it presents a golden cross on the weekly timeframe. A golden cross occurs when a long-term moving average, such as the 200-week moving average (MA), surpasses a short-term MA like the 50-week moving average. This pattern is typically interpreted as a bullish signal for long-term market trends.
Commenting on this development, Van de Poppe explained, “We can observe that we are standing on the brink of an upward breakout. Moreover, we have successfully maintained a position above the 200-week MA, and a cross has occurred. This suggests that the current uptrend will likely continue.”
Van de Poppe further elaborated on his predictions, stating, “I anticipate that we will achieve a new higher high, potentially ranging from 40% to 70% or even 80% from the current levels. It wouldn’t be surprising to witness the market cap reaching $2 trillion before experiencing a swift correction. The momentum is expected to sustain for at least two to three months.”
As investors and enthusiasts await the unfolding of events, all eyes are now on Dogecoin and the broader crypto market to see if these forecasts come to fruition.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.