• Dogecoin (DOGE) has recently experienced a 73% surge in value.
• Crypto strategist Michael van de Poppe noticed similarities between DOGE and XRP’s recent price action.
• If Dogecoin follows in the footsteps of XRP, it could potentially surge by as much as 157%.
Dogecoin Price Rally
Dogecoin (DOGE) has been displaying intriguing price movements over the past few days, sparking the attention of crypto analysts and investors alike. After gaining over 73% in less than 24 hours, some experts have drawn parallels with XRP’s recent rally.
XRP Price Action
The news of Judge Analisa Torres ruling that Ripple’s sales of XRP were not considered securities led to a significant boost in XRP’s market value. Crypto strategist Michaël van de Poppe has been closely monitoring Dogecoin’s current market structure and noted striking similarities between DOGE’s price action and that of XRP before its recent eruption. By superimposing XRP’s 12-hour chart onto Dogecoin’s line chart, Van de Poppe suggested that DOGE might be poised for a significant rally which could reach a target range of $0.15 to $0.18 if successful.
Golden Cross Formation
Market participants are also keeping a keen eye on the total market cap of all cryptocurrencies (TOTAL). A golden cross formation was observed when TOTAL’s 50-day moving average crossed above its 200-day moving average, indicating that bullish momentum is likely to continue for some time yet.
Potential Breakout
The anticipation around Dogecoin’s potential breakout has been growing due to its impressive performance over the last 24 hours which saw it trading at $0.07 with only a fractional increase since then, setting up expectations for further growth if it follows through on its projected rally successfully.
Conclusion
Dogecoin’s success appears to be closely tied to both Ripple and overall cryptocurrency trends as highlighted by recent events such as Judge Torres‘ ruling on Ripple’s sales which sparked an explosive rally in XRP and now appears to be echoed by Dogecoin’s own potential rally which may lead it up to 157% from its current value should everything go according to plan.