Analyzing the previous trajectory of Dogecoin price, crypto expert Ali Martinez says it is capable of a massive surge and may even double in value. With the help of the MACD indicator, Martinez analyzes that the last two times the DOGE observed a bullish cross on the weekly chart, its price has surged 90% and 180% times.
MACD, short for Moving Average Convergence Divergence, is applied to measure price trend. If for instance the MACD line move above the signal line it is an indication that the price will have a big increase.
Dogecoin price set for surge as bullish crossover and increased activity signal uptrend
Previously, MACD bullish cross created a higher high with Dogecoin (DOGE) corresponding to extreme upswings. For instance, in the past, the price of DOGE tripled within eight weeks in October 2016, rising by 84.54% to around $0.10 at which point the crossover took place. Another sharp increase in the price occurred in February 2024, of 178% to $ 0.2288 six weeks after the second bullish MACD crossover.
At the time of writing Dogecoin price is $0.10, which is more than the initial value in previous oversold crossover instances. Looking at the price before crossover was $0.061 in 2023 and in February 2024, the price was $0.085. The above chart shows much higher starting price afterward which indicates that if the similar bullish crossover occurs then the price may rise even more in the future than in the past.
Also, crypto analyst Ali Martinez stated that there was a massive increase in the number of active DOGE addresses; 84,306 active addresses, in fact, which is the highest within the last six months. Typically, lifted activity on the network tends to herald a price movement on the chart sequences.
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