DOGE falls to $0.2261, golden cross sparks talk of record high
Main Idea
DOGE's price dropped to $0.2261, but a golden cross formation has sparked speculation of a potential 275% rally, similar to its November 2024 surge, though sustained buying pressure is needed.
Key Points
1. DOGE fell 6.19% to $0.2261, mirroring broader crypto market weakness, but a golden cross formation suggests potential for a 275% rally.
2. The golden cross last appeared in November 2024, leading to a 276% price surge; a repeat could push DOGE to a new all-time high of $0.769.
3. Derivatives volume for DOGE surged 31% to over $10 billion in 24 hours, indicating strong trader activity.
4. The Relative Strength Index (RSI) remains neutral, showing no clear dominance by buyers or sellers, requiring sustained momentum for a rally.
5. The current technical setup closely resembles November 2024, but achieving a major rally depends on consistent buying pressure.
Description
Dogecoin (DOGE) fell 6.19% in the past 24 hours to trade at $0.2261 on Wednesday, August 14, mirroring the weakness across the broader cryptocurrency market. Source: CoinMarketCap Despite this drop, technical indicators and derivatives market activity point to potential bullish momentum. A golden cross pattern, historically linked to large price gains, emerged earlier this week. Alongside this, derivatives trading volumes have surged beyond $10 billion in the last 24 hours, prompting speculation...
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