As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends that have shaped the industry as we know it today. The recent technical setup of Dogecoin, poised to complete its first weekly golden cross in four years, is a phenomenon that caught my attention.
In simpler terms, the value of Dogecoin is getting close to a notable level in its trend patterns, according to recent market fluctuations. This significant event, known as a “golden cross,” could happen for Dogecoin after four years, as suggested by an analysis on the TradingView platform.
In simpler terms, it’s uncommon for Dogecoin to exhibit this particular chart pattern – when its 50-week moving average goes above the 200-week moving average. Remarkably, past occurrences have shown that this ‘golden cross’ is often a strong bullish sign, implying that the price of Dogecoin could potentially experience a significant rise.
Dogecoin Price About To Make Weekly Golden Cross
Analysis of Dogecoin’s price trends indicates an impending ‘golden cross’ in both the weekly and daily chart periods. Notably, the golden cross appears to be approaching more quickly on the weekly chart. Remarkably, this is the first instance since 2021 where a golden cross has occurred for Dogecoin.
As a crypto investor, I’m keeping a close eye on Dogecoin right now. It’s currently perched just above its 200-week moving average, and it’s crucial that it maintains this position to give the 50-week MA the momentum it needs to move higher. If Dogecoin manages to hold this level, it could pave the way for a significant price spike in the coming months.
Historically, Dogecoin experienced a weekly golden cross in January 2021 when its value was around $0.00317. This technical signal, which is often associated with an upward trend, occurred at the beginning of a significant bullish phase across the cryptocurrency market. During this time, Dogecoin gained prominence, becoming a popular topic during the peak of the meme coin frenzy.
Over the span of four months, Dogecoin experienced a remarkable surge, ultimately reaching its peak value of $0.7316 – a phenomenal increase of approximately 22,980% by the time the rally concluded.
Can DOGE Repeat This Rally With The Weekly Golden Cross?
If the present trend resembles the bullish surge of 2021, Dogecoin might be poised for another significant upward trajectory. Such a trend could result in Dogecoin surpassing several price barriers before the end of 2024 and even the early months of 2025, potentially leading to an establishment of a new record high.
As an analyst, I’m not setting a specific price target for Dogecoin, but if we observe a weekly golden cross on its chart, it might indicate a potential 200% upward surge in its value.
In the last day, Dogecoin hasn’t managed to maintain a position above $0.14 and is currently valued at $0.138. To reach approximately $0.42, which would be a 200% increase, it heavily relies on its capacity to stay above $0.14 and keep up the pace above its 200-week moving average.
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2024-10-26 08:41