Crypto analyst Michaël van de Poppe thinks that top memecoin Dogecoin (DOGE) is setting up to follow the explosive XRP rally from last week.
A few days ago, the cross-border payments solution XRP went on a massive tear, rallying by over 73% in less than 24 hours after Judge Analisa Torres ruled 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 looks similar to the price action of XRP prior to last week’s eruption.
Van de Poppe overlays XRP’s 12-hour chart with Dogecoin’s line chart to show that DOGE appears to be closely mirroring the market structure of the fourth-largest crypto.
According to the crypto trader, if Dogecoin follows in the footsteps of XRP, the leading memecoin could rally by as much as 157% from current prices.
“We’re on the edge of having a runner to maybe $0.15 to $0.18 on DOGE.”
At time of writing, DOGE is trading for $0.07, a fractional increase in the last 24 hours.
Van de Poppe is also keeping a close watch on the market cap of all crypto assets (TOTAL). According to the trader, the TOTAL chart appears to be on the cusp of a massive breakout as it flashes a golden cross on the weekly timeframe.
A golden cross takes place when a long-term moving average, such as the 200-week moving average (MA) crosses below a short-term MA like the 50-week moving average. A golden cross is typically seen as a long-term bullish signal.
Says Van de Poppe,
“We can see that we’re on the edge of having a breakout to the upside. Additionally, we are having 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 that the new higher high is going to be approximately 40% to 70% (or) 80% from here… We might even run towards $2 trillion before we’re going to have a swift correction…
I think the momentum will be there for at least two to three months.”
At time of writing, the total market cap of all crypto is sitting at $1.172 trillion.
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