• Crypto analyst Michaël van de Poppe believes that Dogecoin (DOGE) is on the verge of following XRP’s big breakout rally.
• Van de Poppe points out that DOGE’s market structure looks similar to the price action of XRP prior to its 73% surge last week.
• In addition, Van de Poppe notes that the total crypto market cap appears to be ready for a massive breakout, with a potential increase of up to 80%.
Dogecoin (DOGE) on the Edge of Following XRP’s Big Breakout Rally
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, 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. According to Van de Poppe, if Dogecoin follows in the footsteps of XRP, it could rally by as much as 157% from current prices.
XRP Price Action Mirrored in Dogecoin
In a new strategy session, Van de Poppe tells his 162K YouTube subscribers that Dogecoin’s current market structure looks similar to the price action of XRP prior to last week’s eruption. He overlays XRP’s 12-hour chart with Dogecoin’s line chart to show how closely DOGE appears to be mirroring the fourth-largest crypto.
Total Crypto Market Cap Ready for Breakout
Van de Poppe also keeps an eye on total crypto assets (TOTAL). The trader notes that TOTAL chart appears ready for a massive breakout as it flashes a golden cross on its weekly timeframe. A golden cross takes place when a long-term moving average like 200-week MA crosses below a short-term MA like 50 weeks MA and is seen as an indication of bullishness ahead. According to Van de Poppe, this may result in TOTAL running towards $2 trillion before experiencing correction within two or three months time span.
Current Price Levels
At time of writing, DOGE is trading for $0.07 while total crypto market cap sits at $1.172 trillion.
With all these indicators pointing towards possible bullishness ahead for both Dogecoin and Total crypto market cap , traders should keep an eye on these two assets and plan their investments accordingly .