Crypto analyst Michaël van de Poppe thinks top memecoin Dogecoin (DOGE) is gearing up to follow last week’s explosive XRP rally.
A few days ago, the XRP cross-border payments solution went into a massive crack, rising more than 73% in less than 24 hours after Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP are not securities.
In a new strategy session, Van de Poppe tells his 162,000 YouTube subscribers that Dogecoin’s current market structure resembles XRP’s price action prior to last week’s blowout.
Van de Poppe overlaps XRP’s 12-hour chart with Dogecoin’s line chart to show that DOGE seems to closely mirror the market structure of the fourth-largest crypto.
According to the crypto trader, if Dogecoin follows in XRP’s footsteps, the leading memecoin could rise by as much as 157% from current prices.
“We’re about to have a runner to maybe $0.15 to $0.18 on DOGE.”
At the time of writing, DOGE is trading at $0.07, a fractional increase over the past 24 hours.
Van de Poppe also closely monitors the market capitalization of all crypto assets (TOTAL). According to the trader, the TOTAL chart appears to be on the verge of a massive breakout as a golden cross flashes on the weekly time frame.
A golden cross occurs when a long-term moving average, such as the 200-week moving average (MA), falls below a short-term MA such as the 50-week moving average. A gold cross is generally seen as a long-term bullish signal.
says Van de Poppe,
“We see that we are about to make a breakout to the upside. In addition, we have a case of holding above the 200-week MA. We have seen a cross. We’re going to see a continuation of the cross, and we’re going to see a continuation of the runner.
I think the new higher high will be about 40% to 70% (or) 80% from here… We could even be heading towards $2 trillion before we will have a quick correction…
I think the momentum will be there for at least two to three months.”
At the time of writing, the total market capitalization of all cryptocurrencies is $1.172 trillion.
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Image generated: Midway through the journey