- Dogecoin price golden cross could trigger a 275% rally, mirroring its 2024 surge.
- Derivatives trading volume for Dogecoin surpasses $10 billion in 24 hours.
- Rising funding rates show long traders are dominating Dogecoin futures.
Dogecoin price is gaining attention as a golden cross pattern forms on its chart, signaling a possible major price breakout. With rising derivative volumes and renewed interest from traders, the meme coin could repeat its past performance and surge by 275%, potentially reaching a new all-time high of $0.769.
DOGE Price Golden Cross Formation Sparks Bullish Projections
Dogecoin price formed a golden cross earlier this week, a technical signal that occurs when the 50-day moving average crosses above the 200-day average. This pattern is typically seen by traders as a bullish indicator, suggesting the potential for upward momentum.
Following this development, large holders, often referred to as whales, began opening long positions. Their activity signals a belief that the price could mirror previous upward moves seen after similar setups.
In November 2024, Dogecoin experienced a 276% rally shortly after a golden cross appeared. Current market conditions, including rising sentiment and increased trading activity, are similar to those observed at that time.
If the pattern follows the same trajectory as before, Dogecoin price could rise to $0.769, which would be a new all-time high for the asset. This projection depends on whether current market participants act on the signal with sustained buying pressure.
Source: TradingView
However, the golden cross alone is not enough to guarantee a rally. Technical indicators such as the Relative Strength Index (RSI) are showing mixed signals. The RSI has been fluctuating without a clear direction, pointing to uncertainty among both buyers and sellers.
While bullish traders may be preparing for a breakout, sellers are also watching for potential opportunities to push the price down. Market confirmation through increased buying would be needed for any major upward move.
Dogecoin Price Derivatives Volumes Show Growing Market Interest
In the last 24 hours, Dogecoin futures volumes crossed $10 billion, according to Coinglass data. This shows growing interest from derivatives traders, even as some spot buyers stay on the sidelines.
Funding rates for Dogecoin price perpetual contracts have also increased, suggesting that long traders are more active and willing to hold positions. A rising funding rate usually means that more traders are betting on higher prices and are paying to keep those trades open.
The jump in trading volume comes as broader crypto market activity rises. Derivatives traders tend to react faster to market signals. Their current positioning may show expectations of upward movement in the near term. If buyers respond to the golden cross with continued support, Dogecoin price could move much higher.
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