Dogecoin (DOGE) Breakout May Be Imminent, Prominent Traders Say

Dogecoin DOGE/USD is sitting on the edge of a breakout which could potentially lead to bullish price action in the upcoming weeks

Dogecoin (CRYPTO: DOGE) is sitting on the edge of a breakout which could lead to bullish price action in the upcoming weeks, according to prominent traders.

What Happened: Crypto trader Kevin pointed out that a weekly buy signal has appeared for the first time since DOGE was at $0.05. He also noted that Dogecoin is two weekly green candles away from confirming its first weekly golden cross in four years, adding this is "something to keep an eye on."

The ‘golden cross’ is a technical chart pattern that indicates the potential for a major rally. It appears when a short-term moving average crosses above a long-term moving average.

Coinpedia Markets, in their latest post, noted that if Dogecoin breaks above $0.1296, it is likely to witness a 40-70% surge, peaking at $0.21182. Based on a historical comparison, they noted that DOGE has spiked whenever prices crossed this level. "40% on March 4, 69% on March 28, and 41% on May 2."

Javon Marks also predicts a strong run up for Dogecoin.

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Why It Matters: The optimistic outlooks on Dogecoin from traders come as the meme coin leader has struggled to break out from months of sideways movement.

IntoTheBlock data shows a 9.2% increase in Dogecoin's daily active addresses, while total exchange inflows increased from $4 million to $7.1 million. In the past 24 hours, DOGE price is up 2.1% to $0.1251 and 6.4% over the past seven days.

What's Next: The role of meme coins and Bitcoin as an institutional asset class will be explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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