As a seasoned researcher with a decade-long immersion in the volatile and unpredictable realm of cryptocurrencies, I must admit that the sudden surge in Dogecoin’s price has caught my attention. The golden cross formation on its daily chart, a phenomenon often associated with bullish trends, is reminiscent of a green traffic light for DOGE enthusiasts.
Today, the value of the well-known meme cryptocurrency Dogecoin (DOGE) increased by more than 6.3%. This surge has caused a significant “green candle” to appear on its daily chart, signifying growth. As a consequence, the current market price for Dogecoin stands above $0.168, which is the highest it’s been since late October. If we look beyond the fall of 2024, this is also the highest price that DOGE has reached since May.
Over the course of this week so far, the value of DOGE has risen by over 11%. The next significant barrier for its price increase can be found at approximately $0.175, which is around 4.3% above its current value.
It’s worth noting that some significant changes are occurring with Dogecoin, as it’s approaching the formation of a ‘golden cross’ on its daily price chart. For those unfamiliar, this golden cross is a technical event that happens when two moving averages – one short-term and one long-term – intersect each other.
In this specific situation, we’re witnessing the creation of a ‘golden cross’ pattern. This happens when the 50-day moving average rises above the 200-day moving average, a classic scenario as described in technical analysis textbooks.
What can DOGE traders expect?
Previously, when this event occurred with Dogecoin, its value as the well-known meme currency experienced an increase of more than 21% within the subsequent 128 days. This price surge took place from a bottom of $0.07 in November 2023 to a peak of $0.23 in March 2024.
It’s challenging to say for certain if the situation with DOGE will repeat itself, as the crypto market is unpredictable and nothing is permanently written in stone. However, we should note that in the past, Dogecoin has displayed instances of golden cross rallies. Consequently, it’s worth monitoring the price chart of this well-known meme coin to see how things unfold.
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2024-11-05 16:12