Dogecoin: Analysts Sees Parallels with XRP’s Epic Rally
Crypto analyst Michaël van de Poppe has expressed optimism regarding Dogecoin's potential, comparing its current market structure to XRP's recent impressive rally.
Notably, XRP surged by over 73% within 24 hours following a favorable ruling on its status as a security.
Van de Poppe’s strategy session with his YouTube subscribers suggests that Dogecoin’s price action closely resembles that of XRP before its notable surge. By overlaying XRP’s 12-hour chart with Dogecoin’s line chart, he highlights the similarities in their market structures.
The analyst predicts that Dogecoin could potentially rally by up to 157% from its current value of $0.07, which means it could reach around $0.15 to $0.18.
Moreover, Van de Poppe is closely monitoring the total market cap of all cryptocurrencies (TOTAL), noting a possible massive breakout indicated by a golden cross on the weekly timeframe. A golden cross occurs when a long-term moving average, like the 200-week MA, moves above a short-term MA, such as the 50-week MA. This is typically considered a bullish signal.
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According to Van de Poppe, a breakout to the upside could result in a new higher high of approximately 40% to 70% (or even 80%) from the current market cap of $1.172 trillion. He anticipates this momentum to last for at least two to three months.
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Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
