Dogecoin (DOGE) Poised for a Bullish Surge, Analysts Predict
Crypto analyst Kriss Pax has presented a bullish narrative for Dogecoin (DOGE), suggesting it could experience a significant price surge soon. This prediction follows a recent increase in an on-chain metric that has turned positive for Dogecoin.
Potential Price Bounce
In a video on his YouTube channel, Pax suggests that DOGE is positioned for a bounce from its current price level and that it could present an excellent opportunity to invest ahead of an anticipated price recovery. He believes the recent market decline may represent the final correction before a crypto market rebound.
Contributing Factors
Pax cites several factors supporting his bullish outlook:
- The expected launch of Spot Ethereum ETFs, which could trigger a rally in DOGE and the overall crypto market.
- A bullish signal indicated by the Relative Strength Index (RSI) for DOGE.
- Rising altcoin dominance, which typically precedes an altcoin season.
- A bullish cross on the MACD indicator, similar to that seen during the 2020 altcoin season.
- The MVRV ratio for DOGE, which indicates it is undervalued.
Trading Volume Surge
Pax's analysis coincides with a surge in Dogecoin's trading volume. According to Coinglass, DOGE's volume has increased significantly over the past 24 hours, suggesting investor interest remains strong.
Macro Trend
Crypto analyst Kevin (formerly OG Yomi) believes DOGE is still in a macro bullish structure as long as it maintains a weekly close above $0.10291. He sees DOGE potentially reaching $3 in this market cycle.
Current Market Performance
At the time of writing, Dogecoin is trading around $0.12, up over 4% in the last 24 hours (as per CoinMarketCap data).
Conclusion
Pax's bullish narrative, combined with the positive on-chain signals and increased trading volume, suggests that Dogecoin may be poised for a surge. Investors should exercise caution and conduct their own research before making investment decisions.
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