The Dogecoin price is once again showing signs of a strong bullish run. Particularly, a golden cross has emerged on the Dogecoin 4-hour price chart, giving rise to what could be the continuation of bullish momentum in the coming weeks. The emergence of this golden cross suggests that buyers are now in control, and the meme coin could well be on its way to repeating its early November rally.

Golden Cross On The Dogecoin Price Chart

In technical analysis, a golden cross is a pattern where a short-term moving average crosses above a long-term moving average. This golden cross was highlighted for the Dogecoin price by crypto analyst Trader Tardigrade, known for his technical insights on social platform X. According to the analyst, this golden cross was observed in the Moving Average Convergence Divergence (MACD) indicator below the zero line.

When this occurs in the MACD under the zero line, it indicates a reversal from bearish to bullish sentiment, setting the stage for upward price action. According to the 4-hour Dogecoin price chart Trader Tardigrade shared on social media platform X, this isn’t the first occurrence of such a golden cross in recent weeks. Particularly, Dogecoin had a similar MACD golden cross in the first week of November. At this time, the Dogecoin price was trading around the $0.15 mark on November 4. Following this golden cross, a bull run was ushered in, leading to a strong rally that first peaked at $0.426 on November 12. This comes out to a price increase of about 184% in eight days.

The historical performance following the November golden cross has led to heightened anticipation for what might unfold this time. If Dogecoin’s price were to follow a similar trajectory, it could potentially achieve a dramatic rally in the coming days. Based on projections shared by Trader Tardigrade and the price patterns seen in November, this rally could push Dogecoin toward a target price of $1 by December 7.

Key Levels To Watch On Dogecoin’s Path To $1

As Dogecoin gears up for this anticipated rally, certain resistance levels must be cleared to achieve the ambitious $1 target. The immediate resistance sits at $0.43, and then the current 2024 high of $0.4759. Breaking above this level would see the Dogecoin price trading at its new highest levels in three years.

From there, sustained momentum and buying pressure could drive Dogecoin toward $0.50 and the current all-time high of $0.7316 before eyeing the $1 mark. On the downside, support levels at $0.37 and $0.35 will be critical to maintaining bullish sentiment, especially if the golden cross fails to materialize into the projected rally.

At the time of writing, the Dogecoin price is trading at $0.404, up 9.8% from a November 26 low of $0.3679.

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The broader crypto market has witnessed a massive surge in the Shiba Inu burn rate, with the metric skyrocketing by 2,296% in just one day. This remarkable surge reflects the community’s desire to decrease the overall supply of Shiba Inu and possibly induce a price increase. With Shiba Inu showing signs of a strong revival, this could spark a new bullish phase for the popular meme coin.

Shiba Inu Burn Rate Skyrockets 

The Shiba Inu burn mechanism is vital to its deflationary strategy, which aims to trigger token scarcity by permanently removing SHIB tokens from circulation. According to new data from the  Shibburn, a burn portal specifically for the SHIB ecosystem, burn rates have increased by a whopping 2,050.95% in the last 24 hours. 

This massive surge in the Shiba Inu burn rate has resulted in 1.28 billion SHIB tokens being permanently removed from circulation. Such a significant increase in token burns is often linked to the community, as members of the Shiba Inu ecosystem have constantly advocated for larger token burns. 

Following Shibburn’s burn update on X (formerly Twitter), it can be seen that millions of tokens are being sent to dead wallets every hour. This surge in burn rate marks a significant milestone in the SHIB community’s efforts to reduce supply and potentially boost the value of the meme coin.  

Among the most significant contributors to this recent spike in SHIB burn rate is Shibtoshi, the founder of SquidGrow, a utility meme coin. Lola, a popular Shiba Inu community member, revealed on X that Shibtoshi had burned over 1 billion SHIB tokens, valued at $25,633. This substantial token burn shows SHIB supporters’ strong commitment to the meme coin.

While a spike in SHIB’s burn rate may not immediately trigger a price increase, it can influence the market’s sentiment and induce scarcity, which is important for the sustainability of the ecosystem and for the long-term growth of the meme-based token. 

Are Bulls Ready To Take Charge?

With the increase in the Shiba Inu burn rate, it appears that bulls are ready to retake charge, potentially triggering a bullish trend reversal for the meme coin. 

At the time of writing, the price of SHIB is $0.000025, reflecting a 3.38% surge over the past week, according to CoinMarketCap. The popular meme coin experienced a major bull rally earlier this month, recording double-digit gains as it trailed the Dogecoin price surge.

Factors like broader market sentiment, post-election crypto rally, and the increased demand for meme coins have pushed the Shiba Inu price upwards. Moreover, as SHIB burn activity rises, this could serve as another bullish catalyst for the meme coin. 

Adding to the optimism, analysts like ‘Shib Spain’ on X have forecasted a significant price breakout for SHIB. He shared a price chart suggesting that if the meme coin can break out of its current triangle pattern, it could potentially reach a price high of $0.000038. 

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Ripple has secured a major win in the class action suit against the crypto firm, XRP II LLC, and CEO Brad Garlinghouse. This win provides a bullish outlook for the XRP price, which analysts say is well primed for another leg to the upside. 

Ripple Secures Major Win In Class Action Suit

The court in Ripple Labs Inc. Litigation ruled in favor of the defendants (plaintiffs to the motion), grating a joint motion for entry of motion and stay as modified by the court. The court declared that the defendants had shown good cause in their unopposed motion. The US District Judge also added that based on the record and for the reasons provided by the parties in their motion, there is no just reason to delay entry of judgment. 

In line with this, the judge ordered entry of judgment in relation to the plaintiff’s class claims that were resolved in favor of the defendants. This includes claims that the defendants violated the Securities Act for the unregistered offer and sale of XRP and violation of the Securities Act against Ripple and Garlinghouse for control person liability. 

The other two class claims resolved in favor of the defendants include violation of the California Corporations Code for primary breach of the restriction on the offer or sale of unregistered securities. Lastly, the judge ordered entry of judgment for the class claim that Ripple and Garlinghouse violated this California code for control person liability in relation to the XRP sales.

Meanwhile, Judge Phyllis Hamilton stayed the Plaintiff’s claim for relief against the defendants until the final resolution on any or all appeals of the class claims. This further proves that XRP isn’t a security, although Judge Analisa Torres already set the precedence in her ruling last year. 

Meanwhile, this development comes amid SEC Chair Gary Gensler’s announcement that he will resign on January 20, 2025, as Donald Trump gets sworn into office. The XRP price has since broken above $1 and is enjoying bullish momentum, considering what Gensler’s departure could mean for the crypto. 

XRP Price To Surge?

The XRP price currently boasts a bullish outlook, and predictions by crypto analysts suggest that the crypto is ready for its next leg to the upside. In an X post, crypto analyst Mikybull Crypto stated that XRP’s movement to $2 has begun. This was a level that the analyst said that the XRP price could reach this week. 

Meanwhile, crypto analyst CrediBULL Crypto stated that the XRP price wants its ‘top 3’ spot back, meaning that the crypto intends to reclaim its position as one of the top three largest coins by market cap. XRP had occupied this position alongside Bitcoin and Ethereum just before the Ripple SEC lawsuit began in 2020. 

At the time of writing, the XRP price is trading at around $1.60, up over 6% in the last 24 hours, according to data from CoinMarketCap. 

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