The Dogecoin Train Just Left The Station: Is $0.56 Next?

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Well, well, well… look who’s back on the rise! After a brief hiccup on Tuesday, Dogecoin has come roaring back, like a dog chasing a tennis ball it refuses to admit it doesn’t care about. And what’s fueling this return? Oh, just the unstoppable force of Bitcoin continuing its rally, dragging along the entire crypto circus with it. The meme coin that barks louder than a chihuahua at 3 AM is eyeing the big leagues again, breaking into key resistance zones. Is it heading for glory? The charts say “maybe,” but this time, it looks like it could actually be true.

The Golden Cross: A Flash of Hope for Dogecoin

Enter Trader Tardigrade, the crypto analyst who might as well be wearing a cape at this point. His latest revelation about Dogecoin is nothing short of…well, let’s just say it’s an “exciting development.” According to Tardigrade, Dogecoin is strutting its stuff with a newly formed Golden Cross. For those who don’t know, this is when a short-term moving average crosses above a long-term moving average. It’s the technical equivalent of a “big moment,” like when the underdog dog finally wins the race after tripping over its own feet for the last few months.

This golden cross isn’t just a fancy term for crypto geeks to throw around—it’s the kind of thing that has a proven track record of flipping the script from doom and gloom to skyrocketing hope. After all, this is the same signal that often precedes a long, sustained rally. And Dogecoin, after being pinned down in its little bear market corner, is now strutting back into the spotlight. And this time, it’s not just barking for attention. It’s got its eyes on $0.56.

Let’s break it down: the golden cross appeared when the 20-day Exponential Moving Average (EMA) crossed above the 50-day EMA. A glorious reversal from the depressing death cross that had haunted Dogecoin since January, dragging it through the mud for months. The death cross was like that friend who insists that all the worst things in life happen to them—well, the golden cross just told them to suck it up and move on.

According to Tardigrade, this golden cross is the harbinger of more good times ahead, marking the end of the 4-month slump. Now, it’s time to prep for a rally. Where to? Well, don’t be surprised if Dogecoin starts eyeing that sweet $0.56 mark within the next few weeks. Not bad for a coin that was practically limping just a short time ago.

And that’s not all. In the grander scheme of things, the 1-month chart shows that Dogecoin is wrapping up cycle 3. What does that mean? Well, if past trends hold, cycle 3 is usually where the big stuff happens. The kind of stuff that leads to meteoric rises to the $20 mark. But hey, who’s counting? We’ll take the little wins, like a comfortable $0.56 for starters.

Open Interest Soars Like a Rocket

Now, let’s talk about something even more exciting than a Golden Cross: Open Interest. This is the metric that tells us how many futures contracts are still in play. And guess what? Dogecoin’s Open Interest is skyrocketing, as if it’s auditioning for the next Marvel movie. Glassnode reported a massive 63.9% increase in the last week, even as Dogecoin’s price did a little dip. The number went from $989 million to a jaw-dropping $1.62 billion. Somebody’s buying! Somebody’s betting on Dogecoin’s future. And if you think they’re doing it for the memes, you’re probably right. But still, that’s a lot of money at stake.

Glassnode is a little worried, though. They say we need to keep an eye on this, because the rise in Open Interest, despite a price dip, could signal some speculative positioning. In other words, people might be placing bets that Dogecoin is about to go wild again. Hold on to your hats, folks. This could get fun.

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2025-05-15 00:14