What's Going On With Dogecoin? Crypto Trader Predicts Next Move Will Align With Macro Golden Cross
Dogecoin (CRYPTO: DOGE) is close to a rare macro golden cross. This implies a bullish trend despite a drop in trading volumes and prices.
What Happened: Crypto trader Kevin predicts that Dogecoin’s next major upward move will align with a rare macro golden cross on the weekly chart.
It is where the 50-day moving average (MA) crosses above the 200-day MA.
This technical event occurs roughly once every four years and could signal a bullish trend for Dogecoin, despite a fall in its weekly (-7%) and monthly (-6%) performance.
Based on liquidity cycles within the Crypto 4-year cycles, Dogecoin and the market should start rallying within two weeks, Kevin says.
In another Thursday post, Kevin noted that there cannot be a "more bullish setup than this." Dogecoin is sitting on top of the macro golden pocket of support. The chart is also showing signs of oversold on higher time frames seeking a "breakout very soon,” he adds.
Also Read: Dogecoin Whale Transactions Pump 50% Higher, This Technical Indicator Flashes ‘Buy Signal’
Why It Matters: Dogecoin's significant drop in prices has led to a fall in traders' interest in the meme coin.
Pepe (CRYPTO: PEPE) placed third on the meme coin board based on market capitalization reported a trading volume of $820.7 million in the past 24 hours leaving Dogecoin and Shiba Inu (CRYPTO: SHIB) behind with $648.8 million and $262.2 million respectively.
IntoTheBlock data shows a 5% drop in large transaction volume and a 6% fall in daily active addresses. However, exchange netflows narrowed by 17.9%.
Dogecoin Foundation in its latest post indicated that it made “development accessible and growing a developer ecosystem is 100% completed.
Lowering the barrier for Dogecoin business adoption is 90% completed, the foundation says. The third step shows a completion of only 10%.
What’s Next: Explore Bitcoin as an institutional asset class at Benzinga’s Future of Digital Assets event on Nov. 19.
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Posted-In: Meme Coins MemeCoinsCryptocurrency News
