Dogecoin Poised for Major Price Surge Amid Bullish On-Chain Metrics and Rising Altcoin Dominance

  • In a recent analysis, crypto expert Kriss Pax provided an optimistic outlook for Dogecoin (DOGE), suggesting it could see a substantial price increase soon.
  • This prediction comes in light of a recent uptick in an on-chain indicator that now appears bullish for Dogecoin.
  • Pax’s insights follow a notable rise in Dogecoin’s trading volume, indicating sustained investor interest.

Discover why Dogecoin (DOGE) might be poised for a significant price surge as crypto analyst Kriss Pax shares his bullish outlook and key indicators to watch.

Dogecoin Poised for a Significant Price Recovery

Kriss Pax recently shared in a YouTube video that Dogecoin may bounce back from its current price levels, marking it as an ideal time to invest in the popular meme coin ahead of its expected price recovery. According to Pax, the present market downturn could be the final dip before a broader crypto market resurgence.

The analyst highlighted upcoming Spot Ethereum ETFs as a potential catalyst for Dogecoin’s rebound, arguing that their launch could positively impact the broader crypto market. Pax also pointed to the Relative Strength Index (RSI), which he believes is currently signalling a bullish trend for Dogecoin.

In addition, Pax emphasized that altcoin dominance is on the rise following a dip in Bitcoin’s dominance. This scenario bodes well for Dogecoin, as a decrease in Bitcoin’s market share often leads to increased momentum for altcoins, potentially triggering an altcoin season.

Pax further noted the impending bullish cross on the Moving Average Convergence/Divergence (MACD) for the ETH/BTC pair, reminiscent of the 2020 altcoin season, suggesting an imminent bull run. He reiterated that now is an opportune moment to buy Dogecoin, pointing to the coin’s Market Value to Realized Value (MVRV) ratio, which indicates it is currently undervalued.

Data from Coinglass shows a significant surge in Dogecoin’s trading volume over the last 24 hours, a positive sign that investors are still keen on the meme coin and potentially looking to accumulate during this price dip.

Long-Term Prospects for Dogecoin

Despite Dogecoin’s recent dip to around $0.11 amid market fluctuations, crypto analyst Kevin (formerly OG Yomi) has suggested that DOGE maintains a macro bullish structure, provided it achieves a weekly close above $0.10291. Kevin’s analysis suggests that Dogecoin is in a phase where it is retesting the top of the bear market range it broke out from, which could set the stage for another rally.

Kevin believes that maintaining this level could see Dogecoin rise substantially, predicting a potential target of $3 in this market cycle. As of now, Dogecoin is trading around $0.12, reflecting a 4% gain over the past 24 hours, as per CoinMarketCap.

Conclusion

In summary, current market analysis by experts like Kriss Pax and Kevin points to a bullish future for Dogecoin, driven by key on-chain metrics, trading volume surges, and broader market developments like the upcoming Spot Ethereum ETFs. Investors may find this a strategic moment to consider Dogecoin in anticipation of a significant price recovery.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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