Dogecoin price is down by 3.59% today, August 14, to trade at $0.237. This drop is not unique. Rather, it is a reflection of the retracing prices in the broader market. Nonetheless, a golden cross remains in play, hinting at a 275% surge amid rising derivative volumes.
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Dogecoin created a golden cross earlier this week. Whenever this happens, it is taken as a sign that short-term trends are leaning towards the traders who are bullish. Not long after, some DOGE whales started going long, clearly hoping this plays out the way it has before
The last time that the cross appeared, DOGE price surged by 276%. This was in November 2024. Interestingly, it is now happening under the same conditions as in November. At the time, the bullish sentiment was high, and this is also the case at the moment.
In case history rhymes and the crossover carries the same impact that it did last year, repeating another 276% rise might be next for Dogecoin price. That means that the price will go to $0.769. At this point, it will be at a record high.
The golden cross will only matter if buyers actually respond to it and start loading up. Right now, there is a bit of hesitation as the RSI has been moving up and down without any real direction. That tells you buyers are not the only ones watching for an opening. Sellers are out there looking for their moment too.
DOGE/USDT: 1-day Chart (Source: Tradingview)This thesis shows that in the near term, the Dogecoin price path is upwards. However, a long-term Dogecoin price forecast might come with even more gains.
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Even when some traders are choosing to buy Dogecoin in the spot market to hold, futures traders are not being left behind. The volumes they are trading on derivatives markets are massive. In fact, they have gone above $10 billion in the last 24 hours according to Coinglass data.
On the derivatives market, traders have little room to wiggle with mistakes. Therefore, when they are dipping their toes in Dogecoin, it shows that the interest is high and the price is about to move to the higher side.
Besides the 31% surge in volumes, the funding rate shows that longs are dominating. This rate just had a sharp surge, and when this happens, longs are not standing down. They are willing to pay more to maintain their positions.
To sum up, Dogecoin price might be shaky today, but bulls are relentless. They are confident that the golden cross might deliver the same 275% gain it did last year. If this does happen, DOGE might just hit a record high.
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A golden cross shows that the Dogecoin price is about to make a strong uptrend as the short-term momentum shifts in favor of bulls.
Dogecoin can reach an all-time high soon if it repeats the golden cross rally it made last year, which may push it to $0.76.
The rising derivatives volumes are bullish for DOGE price as they show conviction in the meme coin’s future price movements.
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